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Egypt suspends Russian MIR payments to avoid US sanctions
Posted on November 18, 2022 |
- Egypt decided to stop supporting the MIR system due to the US and European allies imposed sanctions on Russia.
- The Russian payment system could damage Egypt's recent negotiations with the IMF for a loan to boost its economy amid a severe shortage of foreign currency, and in IMF, the US is the biggest single voting alliance with over a 16% voting share.
- Egypt’s central bank originally planned to apply the MIR system in September, but the plans had been suspended after several Turkish banks left the Russian system due to a US threat of sanctions.
- The US Treasury warned that banks that are dealing with the MIR payments are helping Russia to evade Western sanctions over its Ukraine war and they will be banned from using US dollars.
- MIR system operates independently of the Western financial system, permitting countries to transact with Russian banks outside the SWIFT interbank payments system and letting Russian citizens make digital transactions.