Turkish State Banks Set to Exit Russia’s Mir on US Warning (3)

Turkish state banks are planning to exit a Russian payment system, a dramatic example of how US secondary sanctions are forcing countries to distance themselves from Moscow.

The three lenders, the only ones in Turkey still processing transactions made with Russia’s Mir cards, decided on Tuesday to pull out, a senior Turkish official said, asking not to be identified because the information isn’t public. The lira reversed losses to close slightly higher after the news.

Turkey’s Ministry of Treasury and Finance declined to comment.

The decision by Turkiye Halk Bankasi AS, TC Ziraat Bankasi AS and Turkiye Vakiflar Bankasi ...