BAKU, Azerbaijan, August 6. The Central Bank of
Azerbaijan (CBA) said it does not intervene in decisions by banks
and payment systems regarding cooperation, following the suspension
of money transfers from Azerbaijan to Russia through the Zolotaya
Korona payment system.
Responding to a query from Trend, the CBA said cooperation between banks and
payment systems is based on mutual agreements between the
parties.
“Cooperation between banks and payment systems is carried out on
the basis of mutual agreements between the parties, and the Central
Bank does not intervene in these relationships. Decisions regarding
relations between banks and their partners are made independently
by the banks in accordance with local legislation and taking into
account various risk factors,” the CBA said.
The regulator also recommended that inquiries on the issue be
directed to the organization operating the payment system or to
banks that have maintained business relations with it.
Media reports in recent days said money transfers from
Azerbaijan to Russia via Zolotaya Korona had been temporarily
suspended. Several banks cited technical reasons for the
disruption.
Unibank and Yelo Bank said they continue to cooperate with the
payment system, but transfers to Russia have been temporarily
suspended due to technical issues.
The payment system’s official website also no longer lists
Azerbaijan among the countries from which users can send or receive
money.
According to media reports, the restrictions were introduced
after the European Union adopted its 21st package of sanctions
against Russia. Under those measures, Payment Center (Platezhny
Tsentr), the Russian non-bank credit institution that operates the
Zolotaya Korona payment system, was added to the EU sanctions
list.
