US allowed Kazakhstan to serve Russian card Mir
2022.12.09 05:37
US allowed Kazakhstan to serve Russian card Mir
Budrigannews.com – The Central Asian nation’s financial market regulator said on Friday that the U.S. Treasury Department has informed banks in Kazakhstan that it does not object to Russians in Kazakhstan using Russia’s Mir payments cards.
This year, sanctions imposed as a result of Russia’s invasion of Ukraine and the introduction of U.S. payments companies Visa Inc (NYSE:) significantly increased the importance of Mir cards for Russians. likewise Mastercard Inc. stopped working in Russia, and their Russian-issued credit cards stopped working abroad.
In a statement, Kazakhstan’s financial market regulator referred to the Office of Foreign Assets Control within the U.S. Treasury Department as “the American agency clarified that it has no objection to the use of Mir bank cards by private individuals, namely citizens who have migrated from Russia to Kazakhstan, to make life-sustaining transactions.”
Although neither the NSPK nor Mir have been sanctioned, the chief executive of the Bank of Russia’s National Card Payment System (NSPK), which runs Mir, received sanctions from the United States in September.
The Kazakh agency stated that the Mir system would not be utilized to avoid sanctions.
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It stated, “To prevent it from being used to circumvent anti-Russian sanctions, operations with this payment system will remain under special control.”
Mir cards can be used to make payments, transfer money, and withdraw cash from ATMs at Kazakh banks.
The agency stated, “At the same time, Kazakh banks will decide independently whether to join the Mir system, based on their own internal risk assessment systems and strategic development.”
The public rebuttal of Russian President Vladimir Putin’s territorial claims in Ukraine by Kazakh President Kassym-Jomart Tokayev has soured relations between Moscow and the former Soviet republic.
Despite facing obstacles from abroad, Russia’s central bank is determined to expand Mir’s reach. Mir means “world” or “peace” in Russian.
After the United States included the head of the NSPK on its list of sanctions, banks in so-called friendly nations like Turkey, Kyrgyzstan, and Tajikistan halted Mir transactions.
The information regarding which nations accept Mir bank cards has been withheld by the NSPK, which runs Mir.
