EU sanctions halt Golden Crown transfers to Georgia, Kazakhstan
This digest was compiled by AI from multiple sources — links to the originals are below.
The EU's 21st sanctions package against Russia, announced July 23, targeted the operator of the Golden Crown money transfer system, Novosibirsk-based Payment Center. The system subsequently disabled transfers to Georgia and Kazakhstan, leaving Uzbekistan, Turkey, Kyrgyzstan and Azerbaijan as available destinations. The sanctions freeze Payment Center's EU assets and prohibit EU entities from providing funds or resources to it.
Sanctions Impact
The EU's 21st sanctions package, the largest since the war began, added 48 individuals and 170 entities. Among them is the non-bank credit organization Payment Center from Novosibirsk, operator of the Golden Crown system. The EU stated the organization operates in the banking sector, generating significant revenue for Russian authorities. Assets in the EU must be frozen, and EU citizens and companies are prohibited from providing funds or economic resources to it.
Service Disruptions
Following the sanctions, Golden Crown disabled transfers to Georgia and Kazakhstan, according to DW and Forbes Kazakhstan. The Koronapay app now lists only Uzbekistan, Turkey, Kyrgyzstan and Azerbaijan as available destinations. Support told RBC that "some destinations are currently unavailable." No official statement on the duration or scope of the restrictions has been released, leaving uncertainty whether the halt applies to all transfer methods or only online transfers from Russia.
Context of Russian Transfers
After Visa and Mastercard left Russia following the 2022 invasion of Ukraine, Golden Crown became one of the few ways to send money abroad, particularly to Georgia, where tens of thousands of Russians relocated. The new sanctions also target 94 Russian banks and financial institutions, with transaction bans extended to 33 additional credit and financial entities.
What's Next
The EU is expected to continue expanding sanctions, with further packages under discussion. It remains unclear whether Golden Crown will restore transfers to Georgia and Kazakhstan or if additional destinations will be affected.
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EU sanctions halt Golden Crown transfers to Georgia, Kazakhstan
