The United States decided to lift sanctions from the former subsidiary of Sberbank in Kazakhstan

In August, the subsidiary of Sberbank was bought by a Kazakhstani state holding. Since it is now owned by a non-Russian sanctioned company, the United Statesdecided to remove it from the sanctions

The US Treasury has decided to lift the sanctions imposed on a subsidiary of Sberbank in Kazakhstan, as it ceased to belong to the Russian organization, according to The Wall Street Journal and Reuters. The information was confirmed to the agency by an American official and a spokesman for the new owner.

We are talking about a commercial “daughter” bank, which, after the imposition of sanctions against Sberbank, bought out the Kazakhstani national management holding “Baiterek” (owned by the state). He changed the bank's name to Bereke Bank and also changed the composition of its board.

Sanctions against this bank will cease to operate from March 6.

Baiterek announced the purchase of a subsidiary of Sberbank in August last year. “Sberbank has made a decision to withdraw from the Kazakhstani market, guided by the current geopolitical situation and acting in the interests of the subsidiary bank's clients. <...> The deal will allow the bank to fully resume active operations,” the holding said in a statement.

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Sberbank came under US sanctions on February 24, 2022, the day the special operation in Ukraine began. At first, the organization found itself under more lenient restrictions compared to other Russian banks (for example, VTB), its assets were not frozen. The sanctions concerned the correspondent accounts of the bank - they were required to be closed. In addition, the United States banned its companies from any transactions involving the bank or its subsidiaries.

However, in April, the restrictions were expanded: Sberbank came under full US blocking sanctions. Subsidiaries, including Kazakhstani, were also subject to sanctions. In addition, the bank was disconnected from the interbank system for transmitting information and making payments SWIFT.

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Sberbank reported that, despite the restrictions, it would continue to operate as usual, and ruled out the impact of sanctions on servicing its customers.