The authorities of Kazakhstan did not restrict the work of the banking sector regarding transfers in rubles, banks themselves determine the criteria for work. Deputy Prime Minister – Minister of Finance of Kazakhstan Yerulan Zhamaubayev informed journalists about this.
“In general, there is such a thing as KYC (English know your customer) – “know your customer”. If the banking sector filters certain points related to sanctions issues or others, this is the work of the banks themselves. That is, each bank determines itself. There were no instructions from the government,” Zhamaubaev said, answering a question from TASS about possible difficulties for Russian businessmen when transferring rubles through Kazakhstani banks.
Earlier, the Vedomosti newspaper reported that Russian businessmen began to face a situation where Kazakhstan banks do not accept payments in rubles.
In April, Madina Abylkassymova, chairman of the Agency for Regulation and Development of the Financial Market of Kazakhstan, reported that the republic’s authorities were taking all necessary measures to avoid the risk of imposing secondary sanctions on the financial sector. According to her, all banks and financial organizations in Kazakhstan have significantly strengthened procedures for complying with Western sanctions. The head of the agency noted that Kazakhstan also complies with measures so that its banking system is not used to circumvent sanctions during any trade transactions.
