Operations available to clients of Russian subsidiary banks in Kazakhstan

JSC SB Alfa-Bank was given time until May 6 to complete operations and transactions with counterparties, which are directly limited due to the imposed sanctions. Meanwhile, the deadline for completing transactions with SB Sberbank JSC is extended for another three months - until July 12, 2022, Kazpravda.kz correspondent reports.

“In accordance with the general license of the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) to include Alfa-Bank in the SDN list, the immediate date for the imposition of sanctions is May 6, 2022. The specified period until May 6 of this year is specifically provided for by the OFAC license so that the bank has time to complete operations and transactions with counterparties, which are directly limited due to the imposed sanctions,” the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan said.

Such operations include settlements in foreign currency, transfers through international payment systems, the use of correspondent accounts of American banks, and others.

Meanwhile, it is reported that all Kazakhstani banks have the opportunity to work with Alfa-Bank until the effective date of entry into force of the sanctions and make transfers in favor of the Bank's Kazakhstani clients.

“In the period until May 6 and after the effective date of entry into force of the sanctions, customers of the Alfa-Bank Kazakhstan will have access to operations in tenge and rubles: cash withdrawals from ATMs, money transfers in tenge, payment for utilities, mobile communications and other payments for services,” - noted in the press service of the financial regulator.

Meanwhile, according to the agency, the Office of Foreign Assets Control of the US Department of the Treasury issued a general license, according to which the deadline for completing transactions with SB Sberbank JSC is extended for another three months - April 13 to July 12, 2022.

This means that during the specified period, Sberbank will continue to function normally, that is, bank customers will have access to operations with payments and transfers in tenge and rubles (taxes, duties, social contributions, etc.) without any restrictions on amounts.