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PayPal stops money transfers within Russia

17 Jul
PayPal stops money transfers within Russia CYWORLD Advocate Cyprus

PayPal stops money transfers within Russia

PayPal stops money transfers within Russia

The PayPal payment system announced that it would soon stop supporting payments within Russia. Despite this, the service promises to keep cross-border transfers. From August 1, transfers between Russian users will become unavailable.

This decision was made by PayPal in connection with the innovations of the Central Bank of the Russian Federation. The regulator has significantly tightened the requirements for transfers within the country. In particular, the Central Bank of the Russian Federation has banned money transfers for operators who report to foreign regulatory authorities. Thus, PayPal can no longer perform its functions for transfers within Russia and limits its activities in this country.

 Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.

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