Banks news | More nations stop using the Russian payment system, according to Izvestia

Banks news | More nations stop using the Russian payment system, according to Izvestia

Following the prospect of US sanctions, banks in Vietnam and Kazakhstan reportedly stopped supporting Mir cards.

Russian Mir payment cards are no longer accepted by financial institutions in Kazakhstan and Vietnam, according to the Izvestia daily on Wednesday.

The call center of the Vietnamese BIDV bank confirmed the information, stating that while they continue to handle cards from VISA, Mastercard, Western Union, JCB, and UnionPay, they do not now support the Mir payment system.

The biggest bank in Kazakhstan, Halyk Bank, has stopped accepting transactions made with Mir cards at its terminals and ATMs. But the bank told Interfax that it had stopped supporting Mir in its ATM network in the spring and had not since imposed any new limitations. You can utilize Mir cards

Following a warning from Washington that financial institutions run the possibility of secondary sanctions if they aid Moscow in evading US sanctions, many Turkish banks this week announced their decision to cease accepting Russian bank cards.

The Office of Foreign Assets Control (OFAC) of the US Treasury said last week that it was prepared to impose penalties on any entity outside of Russia that used the nation’s payment system.

After Moscow was hit by the first round of sanctions in 2014, the Central Bank of Russia created Mir as a domestic competitor to Visa and Mastercard. More than 129 million Mir cards have been distributed by Russian banks since the launch of the new payment system. Turkey, Vietnam, Armenia, South Korea, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan have all accepted them.

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