Three Russian banks banned payments to foreign gambling companies

Sberbank, VTB and Tinkoff bank have introduced a ban on the transfer of payments to foreign companies that are associated with the gambling business. Russian publication Kommersant informs the decision is based on federal law which has come into force in May in Russia. However, few banks follow the rules due to lack of information and instructions.

So far only few banks are complying with the requirement to refuse to make these payments. In addition to Sberbank, this was reported only at VTB and Tinkoff Bank. The press service of VTB noted that the bank provides all the necessary technical measures to identify and prevent the transfer of money to online casinos.

The information that a foreign organization is a gambling company is received from the payee code assigned by the payment system. In addition, there will be a list of persons associated with illegal (according to the Russian laws) gambling business. The list is maintained by the Federal Tax Service, whose authority has already been approved by the Russian government. However, the list itself has not been compiled yet.

According to experts, even if the list appears, and the number of banks blocking transfers grows, punters will have alternative ways to bet abroad, for example, using intermediaries or cryptocurrencies.

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