The NBU demanded that banks stop operations with Russian payment systems
Today, October 19, the National Bank of Ukraine sent notifications to Ukrainian financial institutions about the need to stop transactions with Russian payment systems.
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This was reported by the regulator's press service.
According to the head of the NBU payment systems oversite department, Elena Makhaeva, the NBU prepared explanations and sent telegrams to each participating bank regarding the termination of accepting transfers through Russian payment systems and the completion of all settlements.
At the same time, the National Bank official emphasized that the telegram did not indicate the termination date for settlements, which would allow banks to complete them as usual and taking into account the required time.
The NBU also obliged banks participating in Russian payment systems to return to the regulator their certificates of registration in payment systems issued by the National Bank before 2014. It is clarified that since that time the National Bank has not registered Russian payment systems.
According to Makhaeva, there are currently six Russian payment systems operating in Ukraine. Due to their termination, banks will redirect cash flows to the 12 remaining registered international systems.
According to media reports, disgraced Russian payment systems were able to find an answer to the sanctions of the Ukrainian authorities and will soon begin to implement it. The essence of the mechanism for circumventing the decision of the Ukrainian authorities is to introduce a ban on cross-border money transfers from Russia (including by migrant workers to Ukraine) by payment systems that are not nationally significant. Thus, all foreign payment systems (including Western Union) will be banned, which will force interested parties to negotiate.
Let us remind you that Ukraine has banned popular money transfer systems from Russia on its territory. At the same time, the structure of the private transfer market in Ukraine is as follows: Western Union 36%, Zolotaya Korona 27% (prohibited by Poroshenko’s Decree), MoneyGram 16%, Unistream 10% (prohibited by Poroshenko’s Decree), Blitz 4% (prohibited by Poroshenko’s Decree), Leader 3% (prohibited by Poroshenko’s Decree), other 4% (here are payment systems from Azerbaijan, Georgia, China). It is clear that Ukrainian migrant workers will now be forced to use only American payment systems.
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