The Central Bank named a way to solve problems with servicing Mir cards abroad

The Central Bank is considering the possibility of expanding the ATM network of Russian banks and their POS terminals in countries that have refused to service Mir cards due to the threat of secondary sanctions. This was announced by the first deputy chairman of the Central Bank Olga Skorobogatova.

“Despite the fact that the risk of secondary sanctions by our foreign counterparties has been identified as significant, we see countries that are working with us to expand infrastructure and will continue cross-border cooperation on this topic. Several countries have opened their ATMs and POS terminals 100 percent,” Ms. Skorobogatova said in the State Duma (quoted from “Interfax”). She did not name the countries in question.

Olga Skorobogatova added that the Central Bank considers one of the priority schemes for replenishing fintech solutions in foreign countries through the SBP. Several similar projects already exist, she noted, and they pose fewer risks for Russian counterparties. When asked whether the goal of connecting 30 countries to the Mir payment system by 2030 will remain, Ms. Skorobogatova replied that this will be clear in the middle of the year.

On February 23, the operator of the Mir payment system, the National Payment Card System (NSCP), came under US sanctions. Following this, payment systems refused to service Mir cards Kyrgyzstan And Armenia. In NSPC explainedthat foreign banks make decisions on their own to refuse to work with the Russian payment system.

Read more in the Kommersant FM article. “Armenia puts ”Peace” on pause”.

Lusine Balasyan