Contents tagged with Genbank

  • Media: Russian banks stop issuing Visa and MasterCard in Crimea

    Crimea-based Genbank (part of the Bank of Russia group) announced last week that its support of the Visa and MasterCard payment systems would end as of August 14. It was the last bank in Crimea to issue the cards of the international payment systems, the BBC Russian service notes.

    As of Tuesday, August 14, all Visa and MasterCard operations will no longer work. A Genbank call center employee clarified to Reuters in a phone call that the decision was made in connection with the sanctions placed …

  • Russia introduces emergency administration in the largest Crimean bank due to insolvency

    The Central Bank of Russia introduced a temporary administration in Genbank, one of the largest banks in the Crimea, as reported on the bank’s website.

    The bank, which was found to have a shortage of funds, will be salvaged by becoming a part of Sobinbank, which is part of the Bank Rossiya Group. The US Department of the Treasury believes that Rossiya is the personal bank of the top leadership of the Russian Federation. The shareholders of the institution are members of President Putin’s inner …