Central Bank declines to accept Russian Mir Payment System

13 October 2022 09:14 am

• Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017    
• Other avenues explored to facilitate ruble - rupee transactions  

By Kelum Bandara   

The Central Bank has declined to allow the use of Russian Mir payment system to transact with Russia, Daily Mirror learns.   

Russia had introduced the payment system since it had been cut off from the international payment systems as part of sanctions against them by the western world. Russia had proposed its payment system to skirt sanctions. Earlier, Transport and Highways Minister Bandula Gunawardane who visited Russia requested the Central Bank to approve the payment method.   

However, Central Bank Governor Nandalal Weerasinghe has declined to approve it on two occasions.   

Meanwhile, former Sri Lankan Ambassador to Russia Udayanga Weeratunga who facilitates tourist arrivals from Russia said discussions are underway to facilitate ruble - rupee transactions between People’s Bank and a Russian Bank for the benefit of tourism .