The Central Bank of Armenia has decided to prohibit local banks from servicing the Russian Mir payment cards from March 29 due to the threat of falling under the US sanctions, a high-ranking source in the banking sector of the republic told TASS, Report informs.
“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 servicing Mir cards, otherwise our country will be left without international payment cards,” the source said.
He 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.”