⛔️ Kyrgyzstan🇰🇬: MBank suspends transfers through Russian banks🇷🇺

⛔️ Kyrgyzstan🇰🇬: MBank suspends transfers through Russian banks🇷🇺

Starting August 16, MBank (also known as "Bank Kyrgyzstan") will no longer permit money transfers through Russian banks, including Sber, Tinkoff, and MTS. These restrictions apply in both directions.


🔣What Happened ⁉️ — In June, MBank, along with other commercial banks, had already restricted operations with Russian money transfer systems. The suspension was initially attributed to "currency volatility and potential sharp fluctuations in the foreign exchange market." This decision coincided with the implementation of a new U.S. sanctions package targeting the Moscow Exchange and the National Clearing Center. Additionally, two weeks ago, the World Bank granted Kyrgyzstan $45 million to "recover the economic landscape."

🔣 Incoming transfers to Kyrgyz people will be carried out through banks not subject to sanctions, in rubles.

🔣 For how long ⁉️ — They have stated, "indefinitely". It is expected to last as long as primary and secondary sanctions remain in place.

🔣 Despite this, Kyrgyzstan's state media highlights that Moscow and Bishkek are "expanding cooperation horizons"in various areas, including education, and that "Russian capital is helping Kyrgyzstan with a significant economic boost."

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