Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Isbank and DenizBank, two of Turkey’s leading private sector lenders, have stopped the use of the Russian payment system, Mir, the Financial Times has reported. 

The development comes after the US Treasury department warned that it is ready to impose sanctions on entities helping Russia evade sanctions.

The US also expanded its sanctions last week to target individuals and entities including Vladimir Valerievich Komlev (Komlev) CEO of Bank of Russia’s National Card Payment System (NSPK), which runs Mir. 

Isbank spokesperson said that the use of the Mir payment network has been suspended temporarily as the bank evaluated new guidance from the US authorities. 

DenizBank also withdrew its support for Mir in Turkey at the end of last week, the publication reported citing an unnamed source. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last week, a media report said that the US and European Union authorities are pressurising Turkey over sanctions on Russia. 

They are concerned that the Turkish banking system could be a gateway for Russia to circumvent sanctions. 

Apart from Isbank and DenizBank, government-backed VakıfBank, Ziraat Bank, and Halkbank also support the Russian payment system. 

DenizBank and Halkbank signed up for the Mir payment system after the Russian invasion of Ukraine in late February. 

Responding to the reports, VakıfBank said it is aware of Isbank’s decision but there was no change in its policies.  Halkbank and Ziraat Bank did not immediately respond to a request for the statement.