Unistream promised "infrastructure solution" after US sanctions

Unistream, the operator of transfers abroad, came under US sanctions on July 20. He has already developed an "infrastructure solution" to continue to work seamlessly with partners.

Unistream Bank will take measures to mitigate the negative consequences of the US sanctions imposed against it, the financial institution said in a statement.

“Taking into account the geopolitical situation and the current international practice of working under sanctions and restrictions imposed on Russian banks, the bank has developed an infrastructure solution that allows uninterrupted interaction with partners in the normal mode. This decision will be implemented as soon as possible,” the bank said.

Two largest Georgian banks have already reacted to the imposition of sanctions against Unistream: the company disappeared from the list of payment systems for crediting transfers in the TBC bank application, and Bank of Georgia support informed customers that it was impossible to credit transfers using Unistream, one of the clients told RBC.

RBC sent a request to the Bank of Georgia and TBC.

Unistream acts as an operator of money transfers abroad to about 30 countries, including Greece, Great Britain , Cyprus, Israel, Serbia, Turkey , Moldova, Armenia, Belarus, Georgia, Kazakhstan , Kyrgyzstan, Tajikistan, Uzbekistan , etc.

In total, five Russian banks fell under the new US sanctions imposed on July 20: in addition to Unistream, these are Tinkoff, Solidarity, Loko-Bank and the St. Petersburg Social Commercial Bank (PSKB).

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Tinkoff said that while the bank is operating as usual, they will try to do everything so that the news about sanctions “passes as unnoticed as possible” for customers. However, for holders of UnionPay cards issued by the bank, changes will follow: from July 21, they will stop working abroad, customers were advised to withdraw cash.

Cards of this payment system were also issued by Solidarity Bank. He said that he was working regularly, but there was a risk of restrictions on accepting funds transfers abroad by counterparty banks due to fears of falling under secondary sanctions. “If you are currently in another country, we recommend withdrawing cash today,” the bank said.

Loco-Bank said that the sanctions affected its settlements in US dollars, they will be completed before October 18, when the license to curtail operations from the Office of Foreign Assets Control of the US Treasury (OFAC) expires.