Banks of Georgia and Kazakhstan will not make transfers through the Russian payment system: what happened

Recent US sanctions have had a significant impact on the Russian financial sector. In particular, due to the restrictions, several banks in Georgia and Kazakhstan have suspended transfers through Russia's "Zolotaya Korona" payment system.

This was announced by the head of the National Bank of Ukraine, Andrii Pyshnyi. He noted that according to the banks themselves, the suspension of cooperation is due to "additional checks on the connection with sanctioned persons to comply with international economic sanctions."

"We have the first results of the recent large-scale package of US sanctions, which have become particularly noticeable for the financial sector of the Russian Federation. We expect more similar decisions from foreign financial institutions," said the NBU Governor.

He recalled that on the eve of Ukraine's Independence Day, the United States imposed personal sanctions on 400 individuals and legal entities – Russian enterprises and companies from third countries (China, the UAE, and others). According to Pyshnyi, the partners included three Russian companies in this list – one of the largest providers of software and IT solutions for banks and the financial sector:

• "Diasoft" is one of the developers of the Financial Messaging System of the Central Bank of the Russian Federation, which is subject to EU sectoral sanctions;
• "CFT," one of the largest providers of IT services for the financial sector in Russia, cooperates with the Central Bank of the Russian Federation and is the developer of the Russian payment system "Zolotaya Korona";
• "ATOL" – a payment solutions provider, and manufacturer of pos-terminals, associated with the Sigmapay service for Russians in Turkey.

"Also ... The U.S. Treasury Department recommends that countries should be cautious about allowing any Russian financial institution to open a new branch in their jurisdictions, as this may expose the countries' financial systems to high risks in terms of sanctions compliance," Pyshnyi said.

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