Azat Peruashev, head of the Ak Zhol political party, revealed that Kazakhstani banks refuse to lend to domestic industrial manufacturers that export products to Russia, citing the risk of secondary sanctions. Speaking to Kursiv.media, the MP elaborated on why banks are reluctant to finance Kazakhstani enterprises.
«I raised this issue at a meeting with the Association of Financiers of Kazakhstan and nearly all banks said they don’t need this. They don’t want to deal with the risks of secondary sanctions, including the possibility of being disconnected from the SWIFT international payment system. This is why almost all banks are hesitant to put themselves in that situation,» Peruashev told a Kursiv correspondent.
Peruashev also noted that banks are wary that products manufactured in Kazakhstan could be sanctioned by the U.S. and the EU, which would expose them to secondary sanctions. As a result, they require manufacturers to guarantee that their products will not be exported to Russia. Otherwise, banks could restrict their payments or loans.
«We’re talking about industrially processed products, not flour, grain or furniture. These include electricity transformers, energy equipment and other dual-use products,» the MP added.
The political party leader further clarified that Kazakhstani manufacturers who primarily export to Russia are now facing significant losses. However, he emphasized that the banks’ stance is self-imposed, as they have not received any official directives from the government.
The European Commission has also stated that it has no intention of sanctioning Kazakhstani goods exported to Russia. Instead, Brussels is mainly concerned about the potential re-export of already sanctioned goods to Russia through Kazakhstan. Banks have suggested that the issue should be addressed at the governmental level and through international negotiations.
