African country may join Russia’s Mir Payment System, envoy

New Delhi: In order to facilitate transactions with Russian partners, the Democratic Republic of the Congo may start using the Mir payment system, Russia’s alternative to Visa and Mastercard, Congolese ambassador to Moscow, Ivan Vangu Ngimbi, told RIA Novosti news agency on Friday. The idea of using Mir was pitched by a Russian private bank after it faced problems with money transfers to DR Congo due to Western economic sanctions placed on Russia in connection with its military operation in Ukraine, Ngimbi was quoted by Russia Today as saying. “We have forwarded this proposal to the Congolese government, which is discussing this issue with the Central Bank and the authorities concerned,” Ngimbi said. On Thursday, Russia’s central bank said that only nine countries accept the country’s Mir payment cards, as Russian officials pursue innovative payment solutions after Western sanctions stymied access to crucial global systems. Russia has been courting ‘friendly’ countries, those that have not imposed sanctions against Moscow over its actions in Ukraine, but has stopped disclosing which ones accept the cards. Mir payment cards, Moscow’s alternative to Visa and Mastercard, have become more important since U.S. rivals suspended operations in Russia and their payment cards which were issued in the country stopped working abroad. However, banks in some ‘friendly’ countries, including Turkey, Kyrgyzstan and Tajikistan, halted Mir transactions after the U.S. Treasury included the head of Russia’s National Card Payment System (NSPK) on its sanctions list and suggested that those working with the NSPK could also face restrictions. The limited reach of Russian bank cards highlights the wider issue of Moscow’s isolation on the global stage. Although many countries have stopped short of imposing sanctions on Russia, very few are keen to display open support. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.