Officials representing the ArCa payment system in Armenia announced a significant change for Mir cardholders. Banks within the country are expected to discontinue servicing Mir cards starting on Saturday, March 30. This development was disclosed by RIA NewsAnd and has sparked attention among financial observers and cardholders alike.
In contrast to the broad shift, VTB Armenia indicated it will continue processing transactions tied to Russian cards, including the Mir program. This exception highlights a divergence in how different financial institutions in Armenia are approaching the evolving sanctions landscape and payment network affiliations.
The Armenian Banks Association clarified that the decision to discontinue operations with Mir was driven by concerns over potential secondary sanctions. The association emphasized that banks must carefully assess risk factors when choosing which payment networks to support, especially in a geopolitically sensitive environment.
Meanwhile, the Central Bank of Armenia stated that commercial credit institutions retain autonomy in determining their participation with various payment systems. The regulator underscored that banks can independently assess options and align their services with risk management strategies and regulatory expectations.
Earlier reports indicated that, as of March 29, the Central Bank had issued guidance to restrict local banks from servicing the Mir card program due to the perceived threat of U.S. sanctions. This move reflected broader considerations about compliance, sanctions exposure, and the potential impact on domestic payment infrastructure.
There were also indications that Armenia’s payment ecosystem, including the NSCP framework, was aligning with the plan to phase out Mir services. Banks connected to ArCa were expected to halt Mir card operations by the end of March, reinforcing the transition toward alternative networks and domestic processing arrangements.
Additional information pointed to the involvement of a sizable Kazakh financial institution that had previously communicated plans to suspend Mir card transactions. The evolving situation signaled a broader realignment of cross-border card processing partnerships and a shift in how regional markets manage payment card acceptance and risk. The overall trajectory suggests a coordinated approach to maintaining payment system resilience while addressing sanction-related concerns and regulatory requirements.
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