Apple Discontinues Support for Sanctioned Russian Banks On App Store

ApplePay, Apple’s digital wallet service, has stopped providing support for Russian banks due to sanctions by the United States and its western allies. Apps from Promsvyabank, a Russian state-backed bank, have been also removed from the App Shop.

Sanctioning Russia

Russian news outlet RBC reported on Thursday that Apple had removed Russian financial services. Promsvyabank has removed three of its applications from the Apple Store: mobile banking and PBS investments. The Google Play Store also removed the banking app but not the other two.

Russia declared “special military operations” in Ukraine on Wednesday and then began attacking the country’s military infrastructure soon afterward. A number of Western countries condemned the attack as an invasion and a violation of international law.

Yesterday, President Joe Biden announced that the United States would sanction four Russian banks. This was to limit Russia’s ability “to do business in dollars and euros,” as well as yen to be a part of the global economic system.

Although the apps were removed from Apple’s online shop, customers who have downloaded them will still be able to use their functionality.

PSB sent an email to corporate clients stating that it was trying to get the PSB Business App reinstalled in Apple’s Store. The application was not available to all users. They were advised to visit the “PSB Internet Bank”, which can be found on their website.

However, Promsvyabank is now completely blocked from accessing the US financial systems due to the new sanctions.

The US Treasury Department stated that all assets of the US are being frozen and that US citizens and entities are forbidden from doing business with them, without special permission from the Office of Foreign Assets Control.

Russia’s central bank confirmed Friday that Apple Pay and Google Pay are no longer compatible with debit and credit cards issued in sanctioned countries.

Crypto’s Role in The Conflict

As a way to send money easily across borders and support political causes, Crypto has been in the news lately. Bitcoin was used earlier this month to raise funds for a Canadian protest movement, which the Canadian government had ordered banks not to serve.

To stop Russia’s invasion, the Ukrainian military received over $4.1million in crypto funds this week. One of the biggest European mining companies has decided to stop serving Russian customers. This is a show of solidarity with Ukraine. This could be disappointing for President Vladimir Putin, who previously promoted crypto mining as a lucrative industry that Russia has “a lot to offer”.

However, this doesn’t mean that crypto has made a decision. Some think Russia might use crypto to circumvent international trade sanctions. In October, Putin expressed his interest in Bitcoin to trade oil long-term.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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