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Russian financial institutions have been suffering heavily from the sanctions imposed by the West. Apple has joined the list of global institutions severing ties with the Russian market.
Apple Pay will no longer be available to Russian banks due to the sanctions imposed by the United States and other western countries.
Apple joins in on Russia sanctions
According to a Russian news outlet, RBC, three applications of Promsvyazbank, a state-backed Russian bank, are no longer available on App Store. These applications include mobile banking, PBS investments and PBS business.
Following Russia’s “special military operation” in Ukraine, Western nations started imposing sanctions on Russia. The United States has imposed sanctions on the four largest banks in Russia. According to US President Joe Biden, these sanctions would “limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.”
PSB sent an email to its users saying that it was working on having the application reinstated on App Store. Those who had not downloaded the application before this are urged to use the “PSB Internet Bank” through their website.
The US Treasury Department issued a statement on Promsvyabank saying, “All their assets in US jurisdiction are frozen, and US citizens and entities are prohibited from doing business with them without special permission from the office of foreign assets control.”
Crypto community reacts to Russia-Ukraine crisis
Amid the ongoing invasion of Ukraine, the crypto community has stepped in to donate towards the Ukrainian military and people. More than $4.1 million worth of crypto has been donated to the cause.
The CEO of FTX, one of the largest cryptocurrency exchange platforms, recently announced that each Ukrainian who has registered on the exchange would receive free $25. The co-founder of Ethereum, Vitalik Buterin, also advocated for the war to stop, saying it would harm both Ukrainian and Russian people. Buterin is a Russian born developer.
Before the invasion, Russia had hinted at accepting the use of Bitcoin for international trade. Putin had also said that Bitcoin mining could contribute major profits for the country.
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