Friday, April 19, 2024
HomeDigit NewsArmenian Banks Stop Accepting Mir Cards Sanctions Again

Armenian Banks Stop Accepting Mir Cards Sanctions Again

Most Armenian banks, which are members of the ArCa payment system, have ceased to provide services for Russian Mir cards, as reported by RBC. This action follows the threat of secondary sanctions by the U.S. Treasury Department against foreign banks that service Mir cards.

As of March 30, 2024, only VTB Armenia, a subsidiary of Russia’s VTB, continues to accept Mir cards in Armenia. VTB Armenia operates 53 branches and more than 190 ATMs across the country. The decision to discontinue the service of Mir cards was made by the Armenian Card (ArCa) payment system, which is utilized by 16 out of 18 banks in Armenia.

The rationale behind this decision stems from the sanctions imposed on the Mir payment system.

In response, experts have suggested alternative options for Russian citizens, such as opening local bank accounts or utilizing money transfer systems like Zolotaya Korona and Unistream. However, these alternatives may not be suitable for everyone.

RELATED ARTICLES

Most Popular