Turkey: Isbank Suspends Use of Russian Mir Cards After US Regime Threat

Source: Bloomberg

“Turkey’s largest private lender by assets and the local unit of Emirates NBD Bank PJSC stopped using a payment system popular among Russian tourists, following a warning by the US. Turkiye Is Bankasi AS, known as Isbank, and Emirates NBD’s Denizbank suspended transactions through the Mir system, according to the lenders. Isbank is assessing the US Treasury’s recent statement, while Denizbank’s spokesman only said late Monday that the bank is ‘currently unable to provide services.’ The decisions come after the US Treasury Department’s Office of Foreign Assets Control, or OFAC, last week warned financial institutions against entering new agreements or expanding the existing ones with the Russian operator of Mir cards. Turkey has not implemented sanctions imposed on Russian institutions in response to Moscow’s invasion of Ukraine. Three other Turkish banks process Mir payments.” (09/19/22)