US postpones sanctions against Sberbank in Kazakhstan

Sberbank subsidiary in Kazakhstan continues to work as usual after the Office of Foreign Assets Control (OFAC) under the U.S. Department of the Treasury postponed the deadline for completing transactions with Sberbank for an additional three months from April 13 to July 12, 2022, according to the joint statement of the Agency for Regulation and Development of the Financial Market and Sberbank Kazakhstan.

So, for now, clients of Sberbank in Kazakhstan will be able to make unlimited transactions with payments and transfers both in Kazakhstan’s national currency tenge and Russian rubles.

«The Agency of Kazakhstan for Regulation and Development of the Financial Market has been monitoring the situation in the banking sector on a daily basis. The agency is ready to step in if necessary to soften external economic impact and provide stability of the financial market,» the statement said.

The previous deadline set by OFAC for completing transactions with Russian Sberbank and its subsidiaries, which have been included in the SDN (Specially Designated Nationals), was April 13, 2022.

Based on the results of February, Sberbank in Kazakhstan was ranked third, not second, in terms of assets ($8.2 billion).