💣Armenia halts cooperation with "MIR" due to secondary sanctions.

💣Armenia halts cooperation with "MIR" due to secondary sanctions.

Recently, the "Freedom Finance" bank in Kazakhstan suspended cooperation with the Russian National Payment Card System (NSPK)🇰🇿, and now Armenia🇦🇲 follows suit: banks participating in the ArCa payment system will cease to accept "MIR" cards starting from March 30th.

🔴 OFAC already in September 2022 warned that, by signing agreements with the Russian NSPK, foreign financial institutions run the risk of being involved in actions to circumvent U.S. sanctions (due to the expansion of the "World" payment system's territory beyond the Russian Federation🇷🇺). After this, NSPK hid the list of partner countries; but some banks nevertheless completely suspended cooperation with the payment system.

🔴 Last year, over 110,000 Russians traveled to Armenia, contributing three percentage points to the country's economic growth.

🔴 ...However, there is also good news: VTB Armenia bank will continue to accept Russian cards. Cash withdrawals at ATMs, online banking service payments, and transfers, including cross-border transactions, will remain available. Currently, there are 53 VTB branches operating in Armenia, with 22 located in Yerevan, and a total of 190 ATMs spread across the country.


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