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Report: Processing of Russian meal cards stopped due to technical issues




UZCARD, Uzbekistan’s interbank processing center, has reportedly suspended processing payments through the Mir payment card issued by the Bank of Russia’s National Card Payment System (NSPK).

UZCARD said the suspension was due to technical problems and not in response to US sanctions imposed on NSPK CEO Vladimir Komlev last week, Reuters said on Friday (September 23). ).

Technical maintenance procedures have been carried out by the paying Uzbekistan partner banks, who were asked to suspend the payment process temporarily for the maintenance work, said Sobirjon Mahmudov, head of public affairs at UZCARD, in a report. said in

PYMNTS has reached out to both UZCARD and NSPK for comment.

The US and other countries began imposing broad sanctions on Russian banks in February, shortly after Russia’s invasion of Ukraine.

At the same time, the Bank of Russia has taken measures to support the banking sector and the Russian ruble, including relaxing some banking regulations and instructing banks to consider postponing the issuance of dividends and bonuses to managers. began to teach

READ MORE: Bank of Russia: Sanctions May Prevent Card Use

The history of NSPK, which oversees card transactions in Russia, dates back to 2014, when Russia was sanctioned for its previous invasion of Crimea.

NSPK launched Mir, a card network, in 2015. As of March, Mir cards were only accepted in a handful of countries outside of Russia, most of them in the former Soviet Union.

Read more: Avoiding Russian Payment Systems, Mastercard and Visa Departure

Increased scrutiny of transactions between Russian banks and companies outside Russia’s borders highlights the need to ensure financial institutions and their dependents know who is on the other side of the transaction, said nsKnox COO. One Nithai Barzam told PYMNTS Karen. Webster in May.

Read more: Automated verification of bank account holders is key to sanctions compliance

Barzam said that when onboarding counterparties, you should check to see if they appear on the sanctions list, among other things.

For all PYMNTS EMEA coverage, subscribe to our daily EMEA newsletter.

New PYMNTS Survey: How Consumers Use Digital Banks According to a PYMNTS survey of 2,124 US consumers, two-thirds of consumers use FinTechs as part of their banking services. while only 9.3% called it their main bank.

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Find out more here: Bank of Russia, Banking, Cross-Border Payments, Digital Payments, EMEA, News, Russia, Ukraine, Uzbekistan, UZCARD, What’s Hot




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