Tinkoff suspends currency transfers to Georgia one week after coming under E.U. sanctions

On February 25, 2023, Tinkoff bank came under sanctions from the European Union. The restrictions involve freezing the bank’s assets in the European Union, banning European companies from dealing with it, and disconnecting it from SWIFT.

Therefore, Tinkoff has suspended currency transfers from Russia to Georgia, says TASS, citing the bank’s press service.

Payments have been stopped because the “correspondent bank” has stopped processing them. Tinkoff did not specify if or when payments would be resumed.

For now, according to the bank’s website, dollar transfers are still possible to some banks in Azerbaijan, Armenia, Belarus, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, and Uzbekistan, while euros are still possible to some banks in China and Uzbekistan.

It was also reported on March 2 that the bank’s app had disappeared from the Apple App Store.