Major banks in the Central Asia republic of Kyrgyzstan have suspended money transfers to and from Russia amid exchange rate volatility and issues with payment systems, state-run media reported on Thursday.
RSK Bank, Kyrgyzstan’s second-largest lender, said the Astrasend, Contact, Zolotaya Korona and Sberbank Online money transfer systems were temporarily down due to technical problems. Kyrgyzkommertsbank and Kompanion Bank said the Unistream transfer system was also down.
Kyrgyzstan’s Mbank, meanwhile, announced restrictions on ruble conversions “[d]ue to the volatility of the exchange rate and possible sharp fluctuations in the foreign exchange market.” However, the bank added that clients’ ruble-denominated accounts were safe.
Bai-Tushum and DemirBank also suspended their ruble-dollar conversion services, owing to exchange rate volatility.
The money transfer suspensions in Kyrgyzstan come a day after Washington revealed a new raft of sanctions to hinder Russia’s war efforts in Ukraine, including restrictions against the Moscow Exchange, which on Thursday halted dollar and euro trade.
The U.S. sanctioned the Unistream transfer system in July 2023, which prompted a number of Kyrgyz banks to temporarily stop using the system.
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.
