Maximise your Metaverse potential with Ommyo, dedicated to giving you 0.5% rewards daily. I'm going in!

Apple Pay to stop service for Russian banks sanctioned for Ukraine war

3 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

During the first day of Russia's incursion of Ukraine, Russians paid more than $1.3 billion from banks, the highest sum since the start of COVID-19.

Many Russian banks that have been sanctioned in line with Russia's "special military operation" in Ukraine will no longer accept major payment services such as Apple Pay and Google Pay.

The Bank of Russia announced on Friday that Russia's second-largest bank, VTB, and also other banks including Sovcombank, Otkritie, Novikombank, and Promsvyazbank, are now on the list of organizations sanctioned by the US.

Apple Pay and Google Pay will no longer be available to users of these banks' debit and credit cards, according to the central bank, however direct or contactless payment will remain accessible throughout Russia.

Customers will also be unable to use these cards to pay for goods and services sold online by nations that endorse the sanctions, according to the statement.

The Bank of Russia stated in a different statement on Friday that Russia's largest bank, Sberbank, is also one of the sanctioned banks. The restrictions target Sberbank's subsidiary accounts particularly.

Besides some Russian cards being banned from Apple Pay and Google Pay, several sanctioned Russian banks are also having difficulties with the Apple Store and Google Store because of their role in actions related to Ukraine's Donetsk and Luhansk People's Republic.

On Wednesday, Apple purportedly disabled mobile applications from the App Store by the sanctioned Promsvyazbank, with a minimum of three apps being deleted. According to reports, Google also pulled the bank's major applications from its store.

Russians have started pulling money from their bank accounts in higher amounts, as some officials have cautioned that banks may seize retail balances if sanctions are imposed too severely. The highest flow ever since the onset of the COVID-19 outbreak 2 years ago was reportedly 111.3 billion rubles ($1.3 billion) from Russian banks during the first day of Russia's incursion of Ukraine.

On Friday, several users online reported ATMs going empty and a huge crowd for cash withdrawal, indicating that the substantial bank outflows had seemingly persisted.

Though some on-chain data shows that Ukrainians have been rapidly shifting to crypto amid Russia's incursion, it can be hard to obtain up-to-date data on Russians' crypto exposure because the nation lacks legal platforms that record trading activity.

As per data, Russia's crypto trading volumes on significant peer-to-peer exchange LocalBitcoins have been declining in recent months, declining roughly 100% from November 2021 to early February 2022.

Currency Exchange rate Buy cryptocurrency

Ommyo News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net (www.ommyo.net). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the ommyonews.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.