Western banks are reportedly refusing to transfer foreign currency payments from Crimea via the SWIFT transaction system. In December Visa, MasterCard and PayPal stopped providing services to the peninsula.
Transactions by residents and companies registered in Crimea are not being processed and even blocked, the Russian newspaper Vedomosti said on Tuesday, referring to unnamed official of one of the payment systems.
“If a client is registered in Crimea, foreign banks will block the foreign currency payments made by him,” another official from one of the Russian payment systems was cited as saying to the newspaper.
Payments in foreign currencies, namely in dollars, from Russia to Crimea are available but similar payments from Crimea to Russia will be blocked. The SWIFT service requires a place of registration for the recipient and sender. The rules require the region of the sender be specified, while the recipient region is not important, according to an employee of one of the Crimean banks.