Major banks in Kyrgyzstan have suspended money transfers to Russia via their mobile apps following U.S. sanctions, local media reported Wednesday.
The former Soviet republic is one of several Central Asian countries that have become a “backdoor” for Russia to maintain economic ties with the West despite sanctions imposed over its full-scale invasion of Ukraine.
A survey of 16 banks conducted by the news outlet 24.kg revealed that 13 temporarily suspended transfers to Russian lenders like Sberbank, MTS and T-Bank (formerly Tinkoff Bank).
Three of the banks that suspended transfers said the service was still available through international money transfer systems like Western Union, Zolotaya Korona and the U.S.-sanctioned Unistream.
Only Kompanion Bank, ESB and Ayil Bank told 24.kg that transfers within their own systems remained possible with Russian bank cards.
The suspensions come after the United States in June introduced new sanctions against Russia over its war in Ukraine, including restrictions on the Moscow Exchange. In response, major Kyrgyz banks announced they would halt money transfers via external systems.
Last week, South Korea’s Kookmin Bank also announced the suspension of U.S. dollar SWIFT transfers for Kyrgyz banks starting next month, prompting many of them to search for alternatives.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
