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Home Is PayPal available in Russia/Does Russia use PayPal?
10 May 2023 By PAYCEC
Unfortunately, PayPal is not available in Russia, as it has suspended the ability to send or receive funds from Russian accounts and has stopped accepting new Russian accounts.
This decision was made in response to the sanctions imposed by the US government on Russia due to its invasion of Ukraine. PayPal entered the Russian market in 2006, initially allowing Russian users to use PayPal on foreign sites, and in 2013 it launched domestic service in rubles. However, after joining the list of fintech companies that support sanctions against Russia, PayPal ceased operations in the Russian Federation on March 6, 2022.
Following the invasion of Ukraine, Visa, Mastercard, and American Express closed their business in Russia, resulting in considerable revenue losses. In response, Russian banks such as Sberbank and Alfa Bank want assistance from China’s UnionPay system to develop a payment network integrated with Russia’s Mir payment system. Tinkoff, Rosbank, and Credit Bank of Moscow have also announced plans to accept UnionPay cards. Despite these attempts, the absence of PayPal and other major payment processors causes difficulties for Russian individuals and enterprises.
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