Unexpected blow to Putin. “Suspending until further notice”

Russia faces further problems with its payment card system, which is considered an alternative to Russian solutions. Kyrgyz company Interbank Processing Center (IPC) said it will suspend services for Moscow-issued Mir Bank cards starting Friday. This is the result of complying with US sanctions.

The rest of the article is below the video

See also: Russia is betting everything on one card. “Poland must do three things”

Kyrgyzstan suspends MIR card service

The head of Kyrgyzstan's cabinet, Akhilbek Jabarov, was quoted by the Moscow Times as telling members of local parliament to pressure Latvian IPC software provider Bishkek to stop supporting the Russian Mirem system.

“IBC software is developed by a Latvian company and has sent a letter about it If we don't stop accepting Mir cards, they will cut us off from the IPC system“- said Zabarov.

That is why we have temporarily stopped it [obsługę kart Mir – red.] – he explained.

Can support for mir cards be restored?

Prime Minister recommended Bishkek has “a number of mechanisms and measures” to restore the operation of the Mir system, while avoiding obstacles. It is not possible to implement these solutions immediately.

It is possible that the operation of the Russian cards will become part of the negotiations with the United States. During his visit to Washington in the second half of April, the Kyrgyz politician announced that he would try to “explain the situation” to his American partners.

“We cannot completely stop trade and economic relations with Russia, which is our strategic partner,” Jabarov said in an address to Kyrgyz parliamentarians.

More problems with the Mir system

Mir Card service has been suspended in Kyrgyzstan Another blow to the Russian payment system, It became an alternative for Russian travelers after their Visa and MasterCard cards stopped working abroad due to the invasion of Ukraine.

Earlier, Kazakhstan banks also stopped accepting Russian Mir cards. ForteBank explained its decision as “the need to reduce risks in cross-border payments”. Armenia took the same decision. The U.S. Treasury has warned non-U.S. banks that supporting Mir cards risks “supporting Russian efforts to circumvent U.S. sanctions.”

The Russian payment system is still looking for new partners in the so-called “banking darknet” to bypass economic sanctions and keep Mir cards working abroad. However, Russia does not have many allies in this matter and is negotiating with banks in Iran, Cuba, Venezuela and Syria.

Rate our article quality:

Your feedback helps us create better content.

Leave a Reply

Your email address will not be published. Required fields are marked *