GENERICO.ruEconomicsRussia and Armenia will continue to work on hedging risks in the banking sector

Russia and Armenia will continue to work on hedging risks in the banking sector

MOSCOW, April 1 Press Secretary of Russian President Vladimir Putin Dmitry Peskov said that Russia and Armenia will continue to work to hedge risks and correct the situation in the banking sector , the discussion will continue.
“We have repeatedly told you that many countries are facing unprecedented pressure from the United States – threats of sanctions, secondary sanctions, and so on. Of course, economic institutions, companies, banks and other financial institutions are taking measures. This does not mean that we are not continuing “work with our Armenian friends to hedge our own risks and correct the situation. This is possible, we, together with our Armenian friends, will continue to discuss and compensate for the way in which this unprecedented pressure is being applied by the Americans,” Peskov told reporters.

Earlier it was reported that the National Payment Card System (NSCP), the operator of the Mir payment system, received on March 19 an official notification from the Armenian payment system that from March 30, 2024, ArCa member banks will stop servicing Mir cards․

At the same time, VTB Armenia Bank, which services Mir cards in its infrastructure in full, will continue to operate in the republic with Russian cards. Holders of Mir cards of any Russian banks still have access to key services in the VTB Armenia infrastructure: cash withdrawals from this bank’s ATMs, payment for services in its online bank. Transfers are also available using VTB Armenia cards, including cross-border ones. There are 53 VTB branches in Armenia, 22 of which are located in Yerevan. More than 190 ATMs throughout the country are also available to customers, NSPK emphasized.
The Union of Banks of Armenia reported that the decision to stop servicing Mir plastic cards was made due to the risk of secondary sanctions. The union clarified that these risks arose when the US Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions against the Mir payment and settlement system.

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