Kyrgyzstani Keremet Bank will challenge the decision to place it on the U.S. sanctions list for allegedly assisting Russia. That decision was determined by the U.S. Office for Foreign Assets Control (OFAC).
«The bank has appealed to OFAC to challenge its claim that it violated the international sanctions regime,» the bank stated.
Keremet emphasized that it fully complies with national legislation and international law. Currently, Keremet Bank is operating as usual.
«None of this will affect the operation of the bank and it will continue to fulfill its obligations to deposit holders. All branch offices of the bank are functioning as usual,» the bank’s statement read.
Keremet’s management also noted that the bank is ready to cooperate with all authorized agencies, including international auditors.
According to OFAC, Keremet Bank facilitated cross-border money transfers on behalf of Russian Promsvyazbank, which has been on the U.S. sanctions list since 2022. T the time Promsvyazbank was accused of financing Russia’s defense sector.
U.S. authorities claim that Kyrgyzstan’s Ministry of Finance sold a controlling stake in Keremet Bank to a firm linked to a Russian oligarch with ties to the Russian government. The U.S. Department of the Treasury asserts that the deal aimed to establish a mechanism for bypassing sanctions imposed against Russia.
