DenizBank joined the Mir system in February this year. Credit: www_slon_pics from Pixabay.

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Isbank and DenizBank, two of Turkey’s leading private sector lenders, have stopped the use of the Russian payment system, Mir, the Financial Times has reported. 

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The development comes after the US Treasury department warned that it is ready to impose sanctions on entities helping Russia evade sanctions.

The US also expanded its sanctions last week to target individuals and entities including Vladimir Valerievich Komlev (Komlev) CEO of Bank of Russia’s National Card Payment System (NSPK), which runs Mir. 

Isbank spokesperson said that the use of the Mir payment network has been suspended temporarily as the bank evaluated new guidance from the US authorities. 

DenizBank also withdrew its support for Mir in Turkey at the end of last week, the publication reported citing an unnamed source. 

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Last week, a media report said that the US and European Union authorities are pressurising Turkey over sanctions on Russia. 

They are concerned that the Turkish banking system could be a gateway for Russia to circumvent sanctions. 

Apart from Isbank and DenizBank, government-backed VakıfBank, Ziraat Bank, and Halkbank also support the Russian payment system. 

DenizBank and Halkbank signed up for the Mir payment system after the Russian invasion of Ukraine in late February. 

Responding to the reports, VakıfBank said it is aware of Isbank’s decision but there was no change in its policies.  Halkbank and Ziraat Bank did not immediately respond to a request for the statement.