Uzbek Hamkorbank has suspended transactions with Russian Sberbank. The decision was made due to the depreciation and instability of the ruble.
Hamkorbank has suspended the transfer of funds to its bank cards through a mobile app owned by Russia's Sberbank since February 25.
"In order to prevent technical losses in the banking system and financial losses of our customers, the transfer of funds to bank cards of Hamkorbank through the app" Sberbank Online has been suspended from February 25, 2022. We apologize for any inconvenience.
According to a senior bank official, the decision was due to the depreciation and instability of the ruble.
"Because of the crisis between Russia and Ukraine, the ruble has fluctuated 5-10 times a day and has depreciated. For this reason, in order to prevent serious financial losses to migrant workers, transfers through the app Sberbank Online have been suspended. There was also an increase in complaints from people about the lack of funding for our communication channels. We advise our migrants to make transfers once the situation stabilizes, he said.
Earlier, the US Treasury Department imposed sanctions on 80 percent of Russia's banking sector - Sberbank, Vneshtorgbank, Gazprombank, Otkrytie, Sovkombank and Novikombank.