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news PayPal shuts down services in Russia

Dynadot

blockhead

Truck Driver / Domain Investor
Impact
1,565
March 5 (Reuters) - Payments company PayPal shut down its services early on Saturday in Russia, citing "the current circumstances," joining many financial and tech companies in suspending operations there after the invasion of Ukraine.

"Under the current circumstances, we are suspending PayPal services in Russia," President and Chief Executive Dan Schulman said in a statement. He added that the company "stands with the international community in condemning Russia's violent military aggression in Ukraine."

A company spokesperson said PayPal will support withdrawals "for a period of time, ensuring that account balances are dispersed in line with applicable laws and regulations.”

PayPal, which had only allowed cross-border transactions by users in Russia, stopped accepting new users in the country on Wednesday.

Source: https://www.reuters.com/business/pa...-russia-citing-ukraine-aggression-2022-03-05/
 
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phantasmagoria

Established Member
Impact
393
I understand what they are trying accomplish by doing this, and I feel at some levels it might be the right thing to do. but I'm never fully going to be onboard with it regardless what country is involved. You give corporations too much power they eventually start acting exactly like tyrannical governments, using their power as a bludgeon. It might actually hinder efforts in the long run over there, instead of trying to garner support of the Russian people to apply pressure on their government, you might just anger them and give Putin even more support. I'm not Russian or Ukrainian, I have no dog in this fight but that's how I feel on this matter, I will just leave it at that.
 
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if there are more of them that are against the invasion then they should rise up and do something or they can decide to not do anything and bear the consequences that comes with it.


I believe the North-koreans are doing the latter pretty well.
You're on another planet with that thinking.
 

Mohammad Shahin

BRANDERX
Impact
3,978
Keep pushing them to their limit, let's see how it'll stop the war. China & others are also watching, preparing for such scenarios.

"Necessity is the mother of invention", those countries & companies with all their sanctions & collective punishment might lose leverage & market share in the long run, simply because all those affected will come up with new alternatives.

imo
 

Kingslayer

Top Contributor
Impact
6,953
Keep pushing them to their limit, let's see how it'll stop the war. China & others are also watching, preparing for such scenarios.

"Necessity is the mother of invention", those countries & companies with all their sanctions & collective punishment might lose leverage & market share in the long run, simply because all those affected will come up with new alternatives.

imo
Difference between Russia and China is Russia relies on the west and western technology, not just its people and whole country infrastructure but military too.

China is self-sufficient, western sanctions wouldn’t have the same effect on China as it is on Russia, but what we have to demonstrate to China is the world condemnation of the invasion and how the world will shun them, ie:- potentially no longer buying Chinese made products and moving on from the famous ‘Made in China’ stamp the west see on many of our products, but that is going to hurt the west just as much as China.
 

Mohammad Shahin

BRANDERX
Impact
3,978
Difference between Russia and China is Russia relies on the west and western technology, not just its people and whole country infrastructure but military too.

China is self-sufficient, western sanctions wouldn’t have the same effect on China as it is on Russia, but what we have to demonstrate to China is the world condemnation of the invasion and how the world will shun them, ie:- potentially no longer buying Chinese made products and moving on from the famous ‘Made in China’ stamp the west see on many of our products, but that is going to hurt the west just as much as China.
True, & Europe is heavily dependent on Russia. All of Italy's natural gas, 80% of Austria's 40% of Germany's comes from Russia.. So it kinda always hurts everybody involved.

There's no shunning China, IMO. Anyway now the Chinese may be needed to help put an end to the war.
 

ReallyBigIdea.com

Top Contributor
Impact
1,298
Russia helps to Ukraine people but Ukrainian "brothers" asked Paypal to ban Russia. What are you doing?! 🙅‍♀️

IMG_20220305_203246.png

Source : comment on vc.ru
 

Sutruk

Top Contributor
Impact
10,192
Russia helps to Ukraine people but Ukrainian "brothers" asked Paypal to ban Russia. What are you doing?! 🙅‍♀️
What do you mean with "help"? If "help" is mass bombing civilians, mass killing peaceful citizens, women and children included. If helping is invading a sovereign country and democracy. If helping is shutting down water, electricity, food supply and sieging cities to mass starve the people, then yes, Russia is helping Ukraine very much.
 
Visa and Mastercard too.

So biden once again lied when he said that sanctions will not be against ordinary people...

1.) There is no way to sanction a country without hurting normal citizens. Even if ordinary citizens are not targeted, they will clearly be negatively effected by financial sanctions against the country itself and elites.

Falling asset prices, currency tanking, rising interest rates, broken supply chains, etc.

2.) Many of these actions are choices by private companies. Russia is currently toxic to deal with.

3.) Actions have consequences. If Putin did not choose to invade a sovereign nation none of this would have happened. That is a the reason most of the rest of the world, and private companies have decided Russia is toxic to deal with.

More than that Russian censorship is now on full display. They have cut off access to sites like Twitter and YouTube. They have shut down basically every private media company, they have censored individuals that called it "war", they have rounded up and arrested thousands of peaceful protestors, they have passed laws to threaten anyone who dissents with a decade or more in jail.

This crackdown follows more and more blatant attacks on civilian targets.


Where did Biden say no citizen would be hurt by these sanctions?

Here are Biden's relevant comments from the State of the Union speech -

We are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever.

Together with our allies –we are right now enforcing powerful economic sanctions.

We are cutting off Russia’s largest banks from the international financial system.

Preventing Russia’s central bank from defending the Russian Ruble making Putin’s $630 Billion “war fund” worthless.

We are choking off Russia’s access to technology that will sap its economic strength and weaken its military for years to come.

Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime no more.

The U.S. Department of Justice is assembling a dedicated task force to go after the crimes of Russian oligarchs.

We are joining with our European allies to find and seize your yachts your luxury apartments your private jets. We are coming for your ill-begotten gains.

And tonight I am announcing that we will join our allies in closing off American air space to all Russian flights – further isolating Russia – and adding an additional squeeze –on their economy. The Ruble has lost 30% of its value.


The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame.
 
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Mohammad Shahin

BRANDERX
Impact
3,978
1.) There is no way to sanction a country without hurting normal citizens. Even if ordinary citizens are not targeted, they will clearly be negatively effected by financial sanctions against the country itself and elites.

Falling asset prices, currency tanking, rising interest rates, broken supply chains, etc.

2.) Many of these actions are choices by private companies. Russia is currently toxic to deal with.

3.) Actions have consequences. If Putin did not choose to invade a sovereign nation none of this would have happened. That is a the reason most of the rest of the world, and private companies have decided Russia is toxic to deal with.

More than that Russian censorship is now on full display. They have cut off access to sites like Twitter and YouTube. They have shut down basically every private media company, they have censored individuals that called it "war", they have rounded up and arrested thousands of peaceful protestors, they have passed laws to threaten anyone who dissents with a decade or more in jail.

This crackdown follows more and more blatant attacks on civilian targets.


Where did Biden say no citizen would be hurt by these sanctions?

Here are Biden's relevant comments from the State of the Union speech -

We are inflicting pain on Russia and supporting the people of Ukraine. Putin is now isolated from the world more than ever.

Together with our allies –we are right now enforcing powerful economic sanctions.

We are cutting off Russia’s largest banks from the international financial system.

Preventing Russia’s central bank from defending the Russian Ruble making Putin’s $630 Billion “war fund” worthless.

We are choking off Russia’s access to technology that will sap its economic strength and weaken its military for years to come.

Tonight I say to the Russian oligarchs and corrupt leaders who have bilked billions of dollars off this violent regime no more.

The U.S. Department of Justice is assembling a dedicated task force to go after the crimes of Russian oligarchs.

We are joining with our European allies to find and seize your yachts your luxury apartments your private jets. We are coming for your ill-begotten gains.

And tonight I am announcing that we will join our allies in closing off American air space to all Russian flights – further isolating Russia – and adding an additional squeeze –on their economy. The Ruble has lost 30% of its value.


The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame.
Probably nothing inaccurate in this post, but what is the objective? The objective is to stop the war now, not months later, not years later, correct?

So that is the real test. Will it?

I don't know man, i'm seeing reports that say the US are already looking for a Zelensky successor.

I imagine the Russians have already chosen who'll they install.
 
Probably nothing inaccurate in this post, but what is the objective? The objective is to stop the war now, not months later, not years later, correct?

So that is the real test. Will it?

I don't know man, i'm seeing reports that say the US are already looking for a Zelensky successor.

I imagine the Russians have already chosen who'll they install.
The goal is also to punish a belligerent country lead by an authoritarian and his cronies for their attack on another sovereign country.

Unfortunately there is no way for the sanctions not to hurt ordinary people.

What is the alternative just letting Russia take Ukraine without any push back? Unless you want to go to nuclear war, what do you suggest?

Russia can't even take over Ukraine easily. It seems like their equipment is dilapidated and junky, poorly maintained remnants of the USSR.

I doubt they want a war with the much better equipped US/NATO and others. Sanctions are about the best option at the moment.

But also, a lot of these companies fleeing business with Russia are not even based on sanctions, they are based on Russia is toxic to deal with. The free market is speaking.

Unfortunately actions have consequences.

Brad
 
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Mohammad Shahin

BRANDERX
Impact
3,978
The goal is also to punish a belligerent country lead by an authoritarian and his cronies for their attack on another sovereign country.

Unfortunately there is no way for the sanctions not to hurt ordinary people.

What is the alternative just letting Russia take Ukraine without any push back? Unless you want to go to nuclear war, what do you suggest?

Russia can't even take over Ukraine easily. It seems like their equipment is dilapidated and junky, poorly maintained remnants of the USSR.

I doubt they want a war with the much better equipped US/NATO and others. Sanctions are about the best option at the moment.

But also, a lot of these companies fleeing business with Russia are not even based on sanctions, they are based on Russia is toxic to deal with. The free market is speaking.

Brad
Dare I suggest diplomacy?

If it doesn't somehow stop, they will take over, easily or not.

When it's US/NATO vs Russia, it'd be nuclear, so the better equipment may be useful at later stages, when all the damage has already been done.

If the objective is to punish, sure it'll do that very effectively. If the objective is to stop the war/prevent Putin from taking over, sanctions are probably useless.


Sanctions will make them come up with alternatives.

imo
 
Dare I suggest diplomacy?

If it doesn't somehow stop, they will take over, easily or not.

When it's US/NATO vs Russia, it'd be nuclear, so the better equipment may be useful at later stages, when all the damage has already been done.

If the objective is to punish, sure it'll do that very effectively. If the objective is to stop the war/prevent Putin from taking over, sanctions are probably useless.


Sanctions will make them come up with alternatives.

imo
Diplomacy? That sounds great in theory.
It was tried.

Putin chose this. That was clear. Luckily the US released the intelligence in real time that explained his entire plans and schemes to justify it.

You can't just use magic beans to fix a situation like this.

The options are really -

1.) Do nothing. That is not an option. You don't appease tyrants.
2.) Put crippling sanctions on Russia.
3.) Stop the war with force, and possibly set off WW3.

The best option is clearly 2.

I am pretty sure Russia expected to just waltz in and not be taking massive L's left and right.

The citizens will never accept an illegitimate government, neither will the rest of the world. It is not clear what Russia is even fighting for.

Even if Russia eventually takes over Ukraine, they will never actually win anything.

The cost will be so high to their economy and status around the world, hopefully it will be a deterrent to others who might consider taking similar actions in the future.

Brad
 
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Mohammad Shahin

BRANDERX
Impact
3,978
Diplomacy? That sounds great in theory.
It was tried.

Putin chose this. That was clear. Luckily the US released the intelligence in real time that explained his entire plans and schemes to justify it.

You can't just use magic beans to fix a situation like this.

The options are really -

1.) Do nothing. That is not an option. You don't appease tyrants.
2.) Put crippling sanctions on Russia.
3.) Stop the war with force, and possibly set off WW3.

The best option is clearly 2.

I am pretty sure Russia expected to just waltz in and not be taking massive L's left and right.

The citizens will never accept an illegitimate government, neither will the rest of the world. It is not clear what Russia is even fighting for.

Even if Russia eventually takes over Ukraine, they will never actually win anything.

The cost will be so high to their economy and status around the world, hopefully it will be a lesson to others who might consider taking similar actions in the future.

Brad
For all the above, it'll likely be a non western power/nation/s to give diplomacy another go.

If that fails, bad news.
 
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