As trending financial news informs, a leading payment company – PayPal – has recently announced a suspension of all operations in Russia. Shortly after that, the Ukrainian Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov called upon PayPal to launch in Ukraine instead.

Fedorov appealed to the CEO of the payment provider – Dan Schulman – urging him to open all the functions of PayPal in Ukraine.

We are grateful to @Dan_Schulman for #StandingwithUkraine and for suspending business in russia. It makes a huge difference. @PayPal we welcome you in Ukraine! Your presence will provide more financial freedom to 40 million of Ukrainians in these difficult times.

— Mykhailo Fedorov (@FedorovMykhailo) March 8, 2022

Deputy PM argues that the registration of the payment system will provide great support to his country, the economic state of which is damaged by the ongoing war with Russia and mass migration. Fedorov also highlighted that PayPal is a leading payment provider in the global financial market. Ukrainians, however, can only send money via the service.

If PayPal opened all its services to Ukrainian users regardless of their locations, it would allow small businesses and other entrepreneurs to sell their products internationally. Moreover, PayPal would help raise funds for humanitarian aid.

Fedorov sent an official appeal to Mr. Schulman on March 7, 2022, suggesting the following steps for the launch: 

  1. Swift registration of PayPal in Ukraine;
  2. Allowing Ukrainian citizens to hold the remaining balance in e-wallets;
  3. Allowing Ukrainians to transfer and receive money in Ukraine and abroad;
  4. Allowing transfer of funds from PayPal e-wallets to Ukrainian bank accounts;
  5. Suspending all commission for transactions until the end of 2022;
  6. Terminating all PayPal activities in Russia and with the citizens of the Russian Federation.

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