“Kazpost” suspended money operations with Unistream

By Nathan Meyer, Compliance Consultant – Eurasia Business News, July 25, 2023

The national postal operator of Kazakhstan, Kazpost, has stopped accepting and sending money via the Russian payment system Unistream, which has fallen under U.S. OFAC sanctions on July 20.

This move follows the decision of several major banks in Moldova that have also suspended operations with the Unistream money transfer system indefinitely. The banks are Moldinkombank, Agroindbank and Victoriabank. 

At the same time, some banks notified about the continuation of work with the Russian payment system. For example, the state savings bank of Tajikistan “Amonatbank”, as well as the Kazakh “Nurbank”.

On July 20, US authorities imposed sanctions against five more Russian banking institutions. The new OFAC sanction list includes Tinkoff, Loco-Bank, St. Petersburg Social Commercial Bank, Solidarnosc and Unistream. Washington expects that this will limit Moscow’s access to the global financial system.

Previously, Unistream could make money transfers abroad to about 30 countries, including Great Britain, Greece, Cyprus, Israel, Serbia, Turkey, Moldova, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, etc.

Read also : How to invest in gold

One of the solutions used by people residing in Russia and wishing to transfer funds abroad is the transfer of yuan-denominated funds from Russian bank accounts to Chinese banks. The Chinese bank account is then used as an intermediary to transfer the funds to Europe or America. Buying and reselling gold and silver is another solution used since March 2022.

Thank you for being one of our readers.

Our community already has nearly 110,000 members!

Sign up to receive our latest articles, it’s free!

Follow us on Telegram, Facebook and Twitter

© Copyright 2023 – Eurasia Business News