Six banks of Kyrgyzstan suspended work with the Unistream system

Kompanion Bank reported that transfers were not available due to sanctions restrictions, and Halyk Bank explained the suspension of work with Unistream with technical work. On July 20, the United States imposed sanctions against the payment system

Six banks in Kyrgyzstan have suspended work with the Russian Unistream money transfer system after it came under US sanctions. It is reported by 24.KG.

RSK Bank, Finca Bank and Kompanion stated that transactions through the system are no longer available. “From July 21, 2023, the issuance and sending of funds in US dollars and euros through the Unistream money transfer system has been suspended. This restriction does not apply to rubles,” Finca said in a statement. Kompanion Bank reported that transfers within Unistream are not available due to sanctions restrictions.

The suspension was also reported by Halyk Bank (linking this to technical work), the Bank of Asia and Kapital Bank.

On July 20, the United States imposed sanctions on Unistream, as well as banks Tinkoff, Solidarity, Loko-Bank and the St. Petersburg Social Commercial Bank (PSKB). In addition to Kyrgyzstan, the two largest banks in Georgia, TBC and Bank of Georgia, reacted to the imposition of sanctions. In the first one, the Russian program disappeared from the list of payment systems for crediting transfers, the second reported that it was impossible to credit transfers using Unistream.

The national postal operator of Kazakhstan, Kazpost, has also stopped accepting and sending money through Unistream since July 21. Freedom Finance Bank, as well as the Uzbek Halk Bank and Ipoteka Bank, also stopped working with the system.

Some large Armenian banks also suspended work with the system.

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In connection with the imposition of sanctions, Unistream will take measures to mitigate the negative consequences. The company announced this on its website. “Taking into account the geopolitical situation and the current international practice of working under the conditions of sanctions and restrictions imposed on Russian banks, the bank has developed an infrastructure solution that allows uninterrupted interaction with partners in the regular mode,” Unistream said in a statement.