PayPal announced today that it will stop supporting payments within Russia in the near future. At the same time, the service promises to preserve cross-border transfers. Sending money between Russian users will be available until July 31, from August 1, this function will be unavailable.

The reason for this decision was innovations from the Central Bank of the Russian Federation. The regulator tightened the requirements for domestic Russian transfers. In particular, the CBR has banned money transfers for operators that report to foreign regulatory authorities. PayPal can no longer perform its functions for transfers within Russia, so its services will be limited.

Law&Trust offers services for clients who work with PayPal in Russia. Our lawyers will tell you how to withdraw money from PayPal and transfer it to the account of another payment service, as well as help you choose a new payment service for your company.