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NBU bans Russian payment systems

The regulator allowed banks to complete transactions.

NBU bans Russian payment systems

The National Bank of Ukraine, fulfilling an NSDC decision on new sanctions against Russia, has sent a telegram demanding commercial banks to cease operations with the Russian payment systems, NBU's head of supervision of payment systems Olena Mahayeva told a press conference on Wednesday, 19 October.

Mahayeva said the central bank did not specify terms for the termination of transactions to allow banks to complete current transactions as usual.

The regulator also required banks to return the regulator the certificates of registration of Russian payment systems.

Mahaeva said six Russian payment systems have worked in Ukraine. She said Ukrainian banks will redirect cash flows to the remaining twelve registered international systems, whose tariffs are "competitive contrary to popular belief".