It is noted Visa cards issued by Russian banks are now accepted at all points that are connected to Genbank's system in the annexed Crimea and Sevastopol. Genbank also services Visa cards at any of its cash points.
The report emphasizes Genbank is the backbone financial institution of the self-proclaimed government in the annexed Crimea, with 50% of bank's shares owned by the de facto "executive authorities" in Crimea and Sevastopol. The bank has over 170 branches operating in the territory of the peninsula, 580 ATMs and 960 point-of-sale terminals.
As reported earlier, late last year, international payment systems Visa and MasterCard suspended servicing U.S.-sanctioned Russian banks.
Earlier, the U.S. Department of the Treasury decided to tighten sanctions against individuals and legal entities, including those who are registered outside in the Russian Federation.
