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- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
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- INTEREST37.00%-1.00
- BITCOIN82,500-1.40%
- October 13, 202618°
EU sanctions halt money transfers from Russia to Kazakhstan and Georgia
The European Union's new sanctions have disrupted money transfers from Russia to Kazakhstan and Georgia. Tsifra Bank and Zolotaya Korona services suspended transfers as of July 24.
The European Union (EU) adopted its 21st sanctions package against Russia on July 23. Among the companies added to the sanctions list was Tsifra Bank, the operator of the "Zolotaya Korona" payment service. Immediately after the decision, on July 24, both services halted money transfers from Russia abroad.
Instant money transfers from Russia to Kazakhstan via Tsifra Bank are no longer possible. Transfers through Zolotaya Korona to both Kazakhstan and Georgia have been suspended.
After MasterCard and Visa withdrew from Russia at the start of the war, Russians used Tsifra Bank for overseas shopping and digital subscription payments. Zolotaya Korona, on the other hand, was particularly preferred by Russians living abroad to send money to their families or for foreign currency outflows from Russia.
Instant transfers via Tsifra Bank to Freedom Bank in Kazakhstan allowed Russian citizens working for international companies to move their salaries abroad. With the new sanctions, this payment channel has also been completely shut down.
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