EU sanctions against Ozon Bank won’t affect business in Kazakhstan, says Ozon

According to Ozon Holdings, the sanctions imposed by the European Union (EU) on Ozon Bank will not affect the company’s operations in Kazakhstan or elsewhere.

On July 18, the EU introduced sanctions against Ozon Bank, an indirect subsidiary of Ozon Holdings, banning EU citizens from any transactions with the bank. However, the sanctions are not blocking, and Ozon Bank is not on the EU list of entities whose assets must be frozen.

«The EU sanctions imposed on Ozon Bank do not apply to Ozon Holdings or other Ozon group companies. Ozon Bank has no subsidiaries and does not own (directly or indirectly) shares or equity interests in the company or other entities of the Ozon Group,» the company said in a statement published on the Astana International Exchange website.

Ozon Bank operates exclusively in Russia, providing services to private clients and small and medium-sized businesses. It is not involved in the Ozon Group’s operations in Cyprus, China, Turkey, or other jurisdictions outside of Russia, including Kazakhstan.

«The company’s management believes that the development has no material adverse impact on the operating activities of the Ozon Group based on the information available,» the company underscored.

In 2024, the Russian marketplace Ozon reported a loss of approximately $643.9 million, which is a 39% increase over its 2023 loss of $463.2 million.

Ozon has been operating in Kazakhstan since 2021, in addition to the markets of Russia, Belarus, Kyrgyzstan, Armenia, Georgia, Azerbaijan, Uzbekistan, China and Turkey.

In April 2025, Vostok Investments — which received Russian assets during the division of property of the Baring Group funds (a major shareholder of Kaspi.kz) — sold its 27.64% stake in Ozon for $488.5 million to an undisclosed buyer.