Sri Lanka turns down request to join Russia’s MIR payment system

Sri Lanka turns down request to join Russia’s MIR payment system

October 13, 2022   11:17 pm

The Central Bank of Sri Lanka (CBSL) today said that it is “not in a position to consider favorably” to the request to operate Russia’s MIR bankcards within the country’s banking system due to the US sanctions on the payment system.

“Due to the US sanctions on the MIR payment system, as confirmed by the Ministry of Foreign Affairs - Sri Lanka, the Central Bank of Sri Lanka is not in a position to consider favorably, at the current juncture, the request to operate MIR card scheme within the banking system,” the CBSL said in tweet.

It was reported last month that Sri Lankan authorities are discussing with Moscow the possibility of joining Russian payment system MIR, and that the discussion was underway between the Central Banks.

The importance of Mir cards for Russians rose substantially this year after U.S. payments firms Visa Inc and Mastercard Inc suspended operations in Russia and their cards that were issued in Russia stopped working abroad, against the backdrop of Russia’s invasion and continuing war against Ukraine.

Cuba, South Korea, Turkey, Vietnam and a handful of former Soviet republics accept Mir, which means both “peace” and “world” in Russian, with others such as Iran intending to follow suit soon.

 

 

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

Parliament debates on alarming increase of unauthorized firearms within the country

Parliament debates on alarming increase of unauthorized firearms within the country

NEWS IN BRIEF | MIDDAY PRIME TIME | 2023.06.06

Health authorities issue clarification on unused PET Scan machine at Apeksha Hospital

Headlines of Ada Derana 12.00 Midday News Bulletin - 2023.06.06

LIVE🔴Press Briefing on Cabinet Decisions

Experts weigh in on practicality of new gazette requiring youths to register with IRD (English)

Prices of medicines to be reduced – Health Minister (English)

World Environment Day marked today under the theme 'Beat Plastic Pollution' (English)