Erdogan Suggests Turkish-Russian Payment System, Local Media Reports

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Turkish President Recep Tayyip Erdogan is reportedly pushing to establish a new payment system between Turkey and Russia. The initiative comes amid US pressure against the use of Russian Mir cards in Turkey. Some Turkish banks are working with them to facilitate payments by Russian tourists visiting the country.

President Erdogan tasked Turkish government to develop Mir alternative, reports

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Turkish President Recep Tayyip Erdoan has instructed ministers to develop a payment system with Russia to serve as an alternative to the Russian banking system Mir. According to A Haber TV channel, talks have already taken place between Turkish and Russian officials on this matter.

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The move follows a statement from Washington that the United States would try to persuade Turkey to limit its support to Mir. Its cards are one of the few remaining options for Russians vacationing in Turkey as Western sanctions have also cut them off from major global credit cards and destinations. Many of them visited Turkey this year.

Quoted by Russian business daily Kommersant, A Haber revealed that the relevant Turkish and Russian government departments are now in talks, while President Erdogan himself will also participate in discussions on the subject.

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In mid-September, the administration in Washington indicated that it could impose sanctions on countries dealing with Mir. Two of the five Turkish lenders that were working with the Russian payment system, Isbank and Denizbank, suspended operations with it. The state-owned Hulkbank, VakifBank and Zirat are still using it.

Later, the US Treasury expressed readiness to convince the Turkish government of the need to reduce the use of Mir. Last week, US officials expanded sanctions imposed on Russia’s invasion of Ukraine to include the chief executive of Mir’s operator Central Bank of Russia’s National Card Payment System (NSPK).

NSPK is processing domestic transactions in Russia. founding of moscow mir Following the annexation of Crimea in 2014, when several Russian banks were denied services by Visa and MasterCard. Russia also developed the system for the transfer of financial messages (spfs), a substitute of acuteThereby some Russian banking institutions have been disconnected.

During the current crisis, Russia has also turned its attention to cryptocurrencies. Earlier this month the Ministry of Finance and the Bank of Russia agreed that under the current circumstances, Russia would need to legalize crypto payments for cross-border transactions to relieve the pressure of sanctions on its economy and foreign trade.

Do you think Turkey and Russia will develop a new payment system to replace Mir? Share your expectations in the comment section below.

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