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Armenian banks not to service Mir cards from March 29 fearing US sanctions — source

The source also noted that the Central Bank of Armenia presents this process as a decision of private banks, so as "not to offend the Russian side"

YEREVAN, March 19. /TASS/. The Central Bank of Armenia decided to prohibit local banks from servicing Russia’s Mir payment card from March 29 due to the threat of falling under American sanctions, a high-ranking source in the banking sector of the republic told a TASS.

"The Armenian processing center ArCa simultaneously processes payments from Mir, Visa and Mastercard. Visa and Mastercard refuse to work with a company that simultaneously services the sanctioned Mir. They do not have the right to work with ArCa in this case. Therefore, there are no other options but to prohibit service of Mir cards, otherwise our country will be left without international cards," the source said.

The source also noted that the Central Bank of Armenia presents this process as a decision of private banks, so as "not to offend the Russian side."

TASS contacted the Central Bank and major banks of Armenia for comment, but did not receive an official response.

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