EU expands ban on use of payment services to include Faster Payments System, Mir bankcards as part of new sanctions against Russia

MOSCOW. Oct 23 (Interfax) - The European Union has expanded the ban on the use of financial messaging systems to include the services of the National Payment Card System (NPCS), which operates the Mir bankcard and the Faster Payments System (FPS), as part of the latest sanctions against Russia, the EU published in its Official Journal.

The decision extends the ban on transactions by organizations and institutions connected to the Financial Messaging System of the Central Bank of the Russian Federation or similar specialized financial messaging services created by the Central Bank of the Russian Federation to other payment services, such as the National Payment Card System (Mir) or the Faster Payments System created by the Central Bank of the Russian Federation or other Russian organizations, according to the Official Journal.

Effective June 25, 2024, the EU banned EU organizations and institutions operating outside of Russia from using the financial messaging system of the Bank of Russia (SPFS) or similar services created by the Central Bank of Russia. Effective January 25, 2026, this ban will be extended to any Central Bank of Russia systems or services of other legal entities that provide the ability to transmit financial messages, including the SBP and Mir.