Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Egyptian media, citing medical sources: Ambulances transported about 100 injuries to hospitals as a result of the Ismailia Security Directorate fire
Egyptian media: The number of people injured in the Ismailia Security Directorate fire has risen to 21 people, some of whom are in critical condition.
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees
Israeli media: Settlers set ablaze a farm in the town of Deir Dibwan in the West Bank
Kurdistan Workers' Party (PKK) claims responsibility for Ankara attack
British Defense Minister Grant Shapps: We are deploying RAF Typhoons to Poland
British Defense Minister Grant Shapps announces a 4 billion pound ($4.9 billion) deal to build attack submarines
Turkish President Recep Tayyip Erdogan: We have waited 60 years at the doorstep of the European Union. We are no longer waiting.

Sri Lanka to join Russia's Mir system, resumes flights to Russia

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Sep 2022 08:41
  • x

Economically crippled Sri Lanka seeks to join the Mir card system, which relieves it from the West's exploitative economic payment system that played a role in ruining its economy.

  • Mir cards.
    Russia's Mir cards.

The Sri Lankan government is discussing with Russia the possibility of joining its MIR payment system, with the discussion being underway between the Central banks as revealed by Sri Lankan Minister of Transport and Highways, and Minister of Mass Media Bandula Gunawardena, to Sputnik. 

"Yes, yes, our embassy tried to do that because you want to [have] easy payment system... We will try to do that, we can get Central Bank's approval. After that it will be a success," Gunawardena said, upon being asked whether the payment system will be launched in Sri Lanka. 

In addition, discussions are underway between the Central Banks of Moscow and Colombo, he announced, adding that Colombo must obtain the approval of the central banks, noting that the Sri Lankan authorities would be pleased to know that Russian tourists could pay by card while visiting the country. 

Last February, Russian banks were excluded from the SWIFT interbank payment system by the decision of the European Commission and its allies. The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide. Visa and Mastercard bank cards issued in Russia are no longer in effect and don't allow users to pay for goods and services outside Russia. 

Read more: Russia moves from SWIFT to more secure mechanisms: Official

Mir cards are currently in function in 10 foreign countries: Turkey, Vietnam, Armenia, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, South Ossetia, and Abkhazia. The card can be used to deposit and withdraw cash and pay for purchases. 

Attempts to isolate Russia have driven the economic power to seek alternative deals and agreements with countries particularly suffering from the US- and West-led sanctions. 

Related News

World biggest economies looking for USD alternatives

Iran, Russia strengthen ties through food, carpets, banking & more

Read more: India, Russia discussing accepting each other's payment systems

Furthermore, Colombo plans to restore flights with Moscow by mid-October, announced Gunawardena. 

"First, we will try to restart [flights from] Moscow to Colombo [and back]. After that - St. Petersburg," Gunawardena said, adding that the flights are expected to resume by mid-October this year.

Gunawardena added that flights between other cities may also appear later.

An airplane from Sri Lanka to Russia which was expected to leave on June 2 was canceled due to lack of authorization from Sri Lankan aviation authorities. Russia, in response, handed a note of protest to the Sri Lankan ambassador in Moscow.

IMF playing 'economic hitman' 

While Sri Lanka has been overpowered with months of lack of food, fuel, and medicine, extended power cuts, and inflation following a foreign exchange crisis that left importers unable to pay for vital goods, the International Monetary Fund (IMF) comes to the 'rescue' with a disastrous condition which would leave the country further bankrupt.

The International Monetary Fund (IMF) board will need to agree on a staff agreement, which depends on Sri Lanka finalizing a deal to restructure its $51 billion in foreign debt with creditors. The IMF has set a $2.9 billion bailout amount for the revival of the country's economy. 

In early 2022, Sri Lanka stopped paying its foreign bondholders, along with a crippling inflation problem that has raised the cost of food and fuel, sending the country into political chaos. 

Read more: US eyes Sri Lanka crisis with twisted excitement - Global Times

  • Sri Lanka
  • Russia
  • Mir banking cards

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023
Kiev forces continue to deliberately target journalists

Kiev forces continue to deliberately target journalists

  • Europe
  • 29 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
tusk
Europe

Polish opposition leader Donald Tusk leads million-man rally in Warsaw

Eastern Libyan authorities postpone reconstruction meeting for Derna.
MENA

Libyan authorities postpone reconstruction conference for Derna

Saudi Arabia to record fiscal deficit in 2023, blaming falling oil revenues.
MENA

Saudi Arabia to record fiscal deficit in 2023; oil revenues to blame

McCarthy
US & Canada

Leading hardline Republican says will move to oust McCarthy

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS