BREAKING:  Turkish lender Isbank suspends use of Russia’s Mir payment system–Reuters

Turkish lender Isbank said on Monday it had suspended use of Russian payment system Mir following U.S. sanctions targeting people and entities accused of helping Moscow skirt financial sanctions.


Last week, the United States sanctioned the chief executive of the Bank of Russia’s National Card Payment System (NSPK), which runs Mir, saying it was seeking to hold the Russian government accountable for its Feb. 24 invasion and continuing war against Ukraine.



The shares of the lender (ISCTR.IS) traded down around 10% while banking index of Istanbul stock exchange was down more than 9% on Monday session triggering indexwide circuit breakers which temporarily halt trading.


In a statement, the bank said it was keen to carry out its business in compliance with the national and international laws, regulations and commercial business principles.


WATCH: Ukraine Counter-Attack Will Have Daunting Consequences for Turkey


Russians who have arrived in Turkey since Moscow invaded Ukraine have had difficulties in making banking transactions as local lenders followed the implications of sanctions imposed by the western countries to Russia.


Editor’s Note:  Borsa Istanbul’s main index BIST-100 closed the day down by 5.3%, while dollar/TL briefly breached 18.30.  It is currently trading at 18.29-30. We speculate Central Bank  had to intervene by selling FX to the market to cap TL weakness.


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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.