Turkey to decide on possible suspension of Russian payment system

Turkey to decide on possible suspension of Russian payment system

“We are evaluating the measures to be taken in this regard. We will hold a meeting and take a final decision,” the head of state told reporters, according to comments reported by Turkish media on Thursday.

Mr Erdogan, who refused to engage in Western sanctions against Russia after its invasion of Ukraine, indicated the meeting could take place on Friday.

Ankara announced the expansion of the Mir system’s scope in Turkey after a meeting between President Erdogan and his Russian counterpart Vladimir Putin in early August.

But Washington warned Turkish companies and institutions doing business with Russia three weeks later against the risk of US sanctions against them.

The country’s two largest private banks, Denizbank and Isbank, announced earlier this week that they would suspend use of the Mir payment system.

In the wake of the offensive in Ukraine, global bank card giants Visa and Mastercard announced that they were suspending their activities in Russia, prohibiting cards issued by Russian banks from operating abroad and foreign cards operating in the country. are stopping. ,

Faced with this situation, Moscow said it wants to expand the use of its Mir Bank cards around the world to enable Russians to make payments abroad.

However, the Russian Central Bank last week acknowledged “difficulties” related to Western sanctions to expand use of the Mir payment system.

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