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Turkey will decide destiny of Russian payment system
(MENAFN) On Friday, Turkish President Recep Tayyip Erdogan will meet with his top economic officials to debate the future of the Russian payment system Mir in Turkey, as well as the potential of Western penalties for servicing its cards.
On the sidelines of his visit to the United States on Thursday, Erdogan told reporters that Turkey will consider different decisions on Mir cards, including the adoption of alternative systems, but that sanctions "do not suit the management of our [Turkish-Russian] commercial relations."
“What are we going to do now? What could be the alternatives? My colleagues, who are interested in these alternatives, are having their meetings. After these meetings, I hope to gather all my friends in Istanbul on Friday. We will hold a meeting with them and make our final decision,” he asserted.
On September 15, the US Treasury cautioned international banks against facilitating transactions utilizing the Russian payment cards, quoting the “risk of facilitating Russia’s efforts to evade sanctions through the expanded use of the Mir National Payment System.”
To avoid US penalties, two private Turkish banks, Isbank and Denizbank, suspended Mir transactions.
On the sidelines of his visit to the United States on Thursday, Erdogan told reporters that Turkey will consider different decisions on Mir cards, including the adoption of alternative systems, but that sanctions "do not suit the management of our [Turkish-Russian] commercial relations."
“What are we going to do now? What could be the alternatives? My colleagues, who are interested in these alternatives, are having their meetings. After these meetings, I hope to gather all my friends in Istanbul on Friday. We will hold a meeting with them and make our final decision,” he asserted.
On September 15, the US Treasury cautioned international banks against facilitating transactions utilizing the Russian payment cards, quoting the “risk of facilitating Russia’s efforts to evade sanctions through the expanded use of the Mir National Payment System.”
To avoid US penalties, two private Turkish banks, Isbank and Denizbank, suspended Mir transactions.
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