Paysend promised to suspend transfers in Russia, but Russian media claim it is still operating there

In March 2022, Paysend, an international payment system founded by Russians and headquartered in the United Kingdom, announced its withdrawal from the Russian market. But it seems that the system is still available. According to the Russian business news outlet Kommersant, Paysend is still operating in Russia. 

  • On 10th of March 2022 Paysend officially stated that it is suspending all the transfers in Russia because of the war: …due to the current circumstances, we have taken the decision to suspend all transfers to Russia with immediate effect.
  • Paysend was one of few companies that mentioned the Russian invasion of Ukraine as a reason for its decision to withdraw from the Russian market (not Ukrainian conflict, humanitarian efforts, etc).
  • However, recent Russian media reports show that the system is still operating in Russia. A source in the financial market told Kommersant that Paysend is actively developing Russia-China money transfers and is benefiting from less competition in the market. 
  • The Russian version of the corporate website at the moment is advertising money transfers to Russia with a small fee: 
Paysend is still working in Russia-1
  • Paysend has been working in Russia via the Russian “Platezhy i rasschety” company that has a valid license from the Russian Central Bank.
  • Paysend was founded by a Russian entrepreneur and founder of the money transfer system, Abduljelil Abdulkerimov. It is licensed to work as a money transfer system in the US (NMLS ID: 2048617). The company promotes itself as an international business headquartered in London.