"Zolotaya Korona" explained the refusal of transfers from bank cards under sanctions

When making cross-border transfers, Zolotaya Korona takes into account the requirements of partners who make payments abroad,— these organizations are not ready to violate the sanctions regime

The Zolotaya Korona money transfer service cannot make cross-border transfers from cards of a number of Russian banks due to the risk of violating the sanctions regime of other countries, RBC was told in its press service.

“When making cross-border transfers, we are forced to be guided by the requirements of partners that pay transfers directly in other countries, settlement banks and our own compliance division, which boil down to unwillingness to carry out operations in violation of the sanctions regimes of third countries,” the message says.

This is how the service explained the problems encountered by users during transfers, in particular, from Tinkoff, Sberbank, Alfa-Bank cards - all these organizations are under sanctions.

"Golden Crown" allows you to transfer money from RUSSIA and other countries to more than ten countries (including CHINA , Turkey, Kazakhstan, etc.) in various currencies - dollars, euros, rubles and local currencies, depending on the country.

More than 20 Russian banks are under Western sanctions: in addition to those already listed above, these are VTB, Rosbank, Otkritie, Novikombank, Promsvyazbank, Sovcombank, Credit Bank of Moscow, Uralsib, MTS Bank and others.

The sanctions imply various restrictions: from blocking assets to disconnecting from the international system for the exchange of interbank information SWIFT. The latter measure affected Sberbank, VTB, Otkritie, etc. If a bank is disconnected from SWIFT, this complicates any cross-border transactions, since the system is used by banks around the world when sending currency transfers.

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Russia has its own analogue of SWIFT - Financial Message Transfer System (SPFS). But it is primarily used for transfers within the country, some foreign banks are connected to it (for example, Belarusian, Kyrgyz, Armenian, etc.).