The 21st sanctions package approved by the European Union on July 23 struck two key channels for money flows from Russia abroad. Among the companies added to the sanctions list is Tsifra Bank, the operator of the Zolotaya Korona payment service.
The very next day, on July 24, Tsifra Bank halted instant money transfers from Russia to Kazakhstan. Similarly, money transfers via the Zolotaya Korona system to both Kazakhstan and Georgia were suspended.
This development severely restricted the overseas financial transactions of Russian citizens. After Visa and MasterCard withdrew from Russia, Tsifra Bank was widely used for international shopping and digital subscription payments. Zolotaya Korona, on the other hand, was a preferred tool for Russians living abroad to send money to their families or for foreign currency outflows.
In particular, instant transfers via Tsifra Bank to Freedom Bank in Kazakhstan allowed Russians working for international companies to move their salaries abroad. With the EU's new sanctions, this route has now been completely shut down.