Treasury sanctions Russia’s national payment system

The Treasury Department’s Office of Foreign Assets Control announced sanctions on nearly 300 Russian individuals and entities, including the operator of the Mir National Payment System.

Mir Sanctions: The OFAC sanctions extend to the National Payment Card System Joint Stock Company, the Mir operator owned by the Central Bank of Russia. Treasury said the Mir system has enabled Russian efforts to evade sanctions and reconstitute severed connections to the international financial system.

More: OFAC also designated nine regional financial institutions, five investment and venture capital funds, and six fintech companies that support Russian financial institutions. Combined with State Department sanctions targeting government and energy industry officials, the sanctions package targets more than 500 individuals and entities.


Previous News

  • ICBA urges agencies to ensure reg review provides substantive relief

    ICBA called on federal banking regulators to ensure their latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act provides substantive regulatory relief for community banks—which previous reviews have failed to do.

    Image

    Feb 23, 2024

  • Hsu: Crypto industry slowing progress on supervision

    Crypto industry resistance and jurisdictions competing for crypto business have held up progress on consolidated supervision of cryptoassets, Acting Comptroller of the Currency Michael Hsu said.

    Image

    Feb 23, 2024

  • Jefferson: Fed must prep for economic shocks

    Federal Reserve Vice Chair Philip Jefferson said policymakers should remain “vigilant and nimble” on monetary policy in case of adverse shocks to the economy.

    Image

    Feb 23, 2024


Related News Taxonomy