The US Treasury Department will lift sanctions on Sberbank’s former subsidiary in Kazakhstan in March. Because it was bought outright by the local Baiterek holding company, writes The Wall Street Journal.

The US Treasury will lift sanctions on the former “daughter” of Sberbank in Kazakhstan

In April 2022, the United States imposed total blockade sanctions on Sberbank and Alfa-Bank.

“Sberbank owns almost a third of all assets in the Russian banking sector and is systemically important to the Russian economy. Alfa-Bank is the largest private financial institution in Russia and the fourth largest financial institution in Russia as a whole,” the White House said in a statement.

Sberbank’s press service then stated that the sanctions would not affect the bank’s work and service to the Russians. Alfa-Bank noted that they were temporarily suspending settlements with US counterparties.


karina pardaeva

Source: RB

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