BAKU, Azerbaijan, August 6. The Central Bank of Azerbaijan (CBA) said it does not intervene in decisions by banks and payment systems regarding cooperation, following the suspension of money transfers from Azerbaijan to Russia through the Zolotaya Korona payment system.
Responding to a query from Trend, the CBA said cooperation between banks and payment systems is based on mutual agreements between the parties.
"Cooperation between banks and payment systems is carried out on the basis of mutual agreements between the parties, and the Central Bank does not intervene in these relationships. Decisions regarding relations between banks and their partners are made independently by the banks in accordance with local legislation and taking into account various risk factors," the CBA noted.
The regulator also recommended that inquiries on the issue be directed to the organization operating the payment system or to banks that have maintained business relations with it.
Media reports in recent days said money transfers from Azerbaijan to Russia via Zolotaya Korona had been temporarily suspended. Several banks cited technical reasons for the disruption.
Unibank and Yelo Bank said they continue to cooperate with the payment system, but transfers to Russia have been temporarily suspended due to technical issues.
The payment system's official website also no longer lists Azerbaijan among the countries from which users can send or receive money.
According to media reports, the restrictions were introduced after the European Union adopted its 21st package of sanctions against Russia. Under those measures, Payment Center (Platezhny Tsentr), the Russian non-bank credit institution that operates the Zolotaya Korona payment system, was added to the EU sanctions list.
