The Central bank of Armenia has officially clarified the restrictions on servicing Russian "MIR" payment cards within the territory of the republic.
In a statement from the chief regulator, it is emphasized that commercial banks in Armenia have the right to independently decide on cooperation with various payment systems in accordance with their risk management strategy, including sanctions.
"The Central bank receives numerous inquiries regarding the operation of the 'MIR' payment system in Armenia, and therefore we inform that commercial banks in Armenia independently decide on which payment systems to cooperate with, based on their risk management strategy, including sanctions. As for customer service, commercial banks are obliged to properly inform their clients in case of changes in service conditions," the statement reads.
With this statement, the Central bank of Armenia responded to reports that Armenian banks will suspend servicing "MIR" cards. This is due to the fact that the operator of the "MIR" cards fell under US sanctions in February of the current year.
