Newly arrived Russians in Turkey find it difficult to make deposits and transfers to the country's banks, which are taking a cautious and cautious approach for fear of violating Western sanctions against Moscow.
Private banks in particular are refusing requests from some customers to ensure they comply with international and domestic law, four bankers and two Turkish officials told Reuters.
This situation worries the Russians who arrived in Turkey after the Moscow invasion of Ukraine more than three weeks ago, many of them with a lot of cash in hand. Dozens have fled their homeland either to oppose the war or to avoid new restrictions in Russia, reaching mainly countries in the Middle East and the Caucasus.
At least six Russians in Istanbul have said they find it difficult to conduct basic banking, in part because of the suspension of Visa and Mastercard as part of US sanctions aimed at punishing Vladimir Putin for the invasion.
Their inability to use Visa and Mastercard abroad has increased demand for the Mir payment system, which operates in Turkey, Armenia, Vietnam and some other countries.
Many Russians in Istanbul pay hotel and restaurant bills in Turkish lira, which after the biggest slip is cheaper than any other emerging market currency.
Source: KYPE