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Armenian banks will stop servicing Russian cards World

Photo: Russian ZMI

An exception will be made only for cards issued by the Armenian branch of the Russian state-owned VTB Bank.

Armenian banks have stopped processing transactions made with cards of the Russian payment system world, for fear of a second sanction from the United States. Barron’s reported this on Friday, March 29.

Commercial banks in the country will stop servicing cards from Saturday (March 30) world due to the risk of secondary sanctions,” the Union of Banks of Armenia reported.

An exception will be made only for cards of this Russian payment system issued by the Armenian division of the Russian state VTB Bank.

In September 2022, the US Department of the Treasury warned foreign banks about the imposition of a second penalty for servicing cards of the Russian payment system. world.

The US Treasury’s Office of Foreign Assets Control said Russia used the system world to avoid Western sanctions directed against the financial system of the Russian Federation.

We remind you that the South Korean Samsung Pay program will suspend work in Russia on April 3 this year.

It was previously known that the Contact payment system stopped working in Russia after the license of its operator, QIWI Bank, was revoked. It was used to transfer funds abroad and was especially popular among Russian emigrants.

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Source: korrespondent

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