Georgia suspends transactions with cardholders of Russian banks

Georgia Materials 1 March 2022 17:24 (UTC +04:00)
Georgia suspends transactions with cardholders of Russian banks

BAKU, Azerbaijan, Mar. 1

By Maryana Akhmedova – Trend:

The transactions with VISA and Mastercard financial services of Russian banks has been suspended in Georgia due to the recently imposed economic sanctions on Russia, the Banking Association of Georgia said, Trend reports via Georgian media.

“Due to Russia’s disconnection from the SWIFT system, Georgia’s banks will no longer be available to conduct transactions with Russian banks,” the Association said.

Cardholders of sanctioned banks will no longer be able to carry out card transactions, whether in cash or through payment systems, as well as will not be able to receive card services,” the statement said.

Meanwhile, VTB Bank Georgia, Russia’s subsidiary bank, has sold its retail portfolio to Georgia’s BasisBank, and its individual clients will now be served there. The VTB Bank Georgia noted that it continues to operate and provide services to legal entities.

The National Bank of Georgia (NBG) has instructed the representatives of the Georgian financial sector to fulfill their obligations under the sanctions.

“One of the main tasks of the NBG is to ensure the stability of the financial sector,” the NBG said.


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