Migrants from Central Asia and Kazakhstan may not be able to send money home as the Golden Crown monetary system has stopped working due to the developer of its payment software, the Center for Financial Technologies, being targeted with new US sanctions, the US Treasury website reported on August 23.
“CFT (“Financial Technology Center” – approx. IA Krasnaya Vesna) offers a wide range of software products for banking and payment solutions for the Russian financial market”the ministry reports.
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Migrant workers not only from Central Asia and Kazakhstan, but also from other CIS countries will also not be able to transfer money to their relatives in Russia.
However, the head of the board of the non-profit association National Payments Council, Alexander Linnikov, believes that the partnership between Golden Crown and the Center for Financial Technologies, which is subject to US sanctions, is not the basis for secondary sanctions and will not affect the functioning of the monetary system. Most likely, the sanctions will be aimed at Russian companies and Russian citizens who make payments with the outside world outside Russia, he believes.
It should be noted that the introduction of new US sanctions is designed to gradually cut Russia’s ties with the CIS countries, as some labor migrants working in Russia use the “Golden Crown” monetary system to transfer the money they earn home. It is estimated that the inability to send money home will force migrant workers to leave Russia and look for a more “convenient” country.
Source: Rossa Primavera
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