Four Armenian banks disconnect from Russian remittance system

Armenian banks Ardshinbank and Converse Bank, following Armeconombank and Evokobank, have announced that they have stopped working with the Russian payment system Unistream.

The move comes two days after the US imposed sanctions against the payment system, RBC reports.

“Ardshinbank stops carrying out money transfers through the system of fast money transfers Unistream. The bank apologises to its clients and offers to make money transfers via fast money transfer systems, [which are serviced by] Moneygram, Intelexpress, Ria, and Moneytun," Ardshinbank said in a press statement.

The website of Converse Bank specifies that it is possible to receive a money transfer via Unistream by sending an application for a special Transfer Card. From its account, it will be possible to transfer funds to the card of Converse Bank, the press service added.

On July 22, Armenian Armeconombank and Evokombank also suspended operations with the Russian payment system. The latter told Frank Media that they do not work with sub-sanctioned counterparties.