Post sponsored by NewzEngine.com

MIL OSI Translation. Region: Russian Federation –

Source: Mainfin Bank –

What alternatives to NSPK Mir cards have been proposed in Kazakhstan?

Freedom Finance Bank prohibited any transfers using NSPK Mir cards: the services of the credit organization were used when making payments to Kazakhstan. Russians and foreigners were recommended to use alternative methods of transferring funds:

send money via the SWIFT system (although its operation is limited); use cards issued outside the Russian Federation; transfer funds through Tsifra Bank (the Russian division of Freedom Finance, de jure not part of the Kazakh Freedom holding).

At the same time, no restrictions were introduced by NSPK Mir – the final decision on the work of Russian kart foreigners are accepted on the territory of other countries banks.

In what other countries may problems arise with servicing MIR cards?

In February 2024, NSPK Mir cards were accepted by individual banks in Abkhazia, Armenia, Belarus, Vietnam, Tajikistan, Kazakhstan, Laos, Cuba, and a number of other countries. However, some credit institutions refused to work with NSPK due to the threat of secondary sanctions from the West – the trend of refusal may continue in the coming months, which will significantly narrow the geography of servicing domestic cards.

“Concerns about the introduction of derivative sanctions outweigh the possible commission income on cards,” experts said back in 2022, when they refused to service Mir in Turkey.

At the same time, the operation of MIR cards will continue in popular tourist destinations among Russians – Russian banks will use their own terminals. Thus, a similar scheme has already appeared in Turkey, the UAE, and the Maldives, although it has not yet become large-scale. The Central Bank of Russia continues to develop methods and tools to circumvent sanctions, incl. by concluding direct agreements with foreign partner banks.

09:30 03/05/2024

Source:

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

MIL OSI News (multilanguage service)