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Several Kyrgyz banks partially suspended operations with Russia, media report

by Kateryna Hodunova and The Kyiv Independent news desk June 13, 2024 11:49 PM 2 min read
Illustrative purposes only: A customer exits a branch of VTB Bank OJSC in Tbilisi, Georgia, on Tuesday, April 15, 2014. (Vincent Mundy/Bloomberg via Getty Images)
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Some commercial banks in Kyrgyzstan have partially suspended transfers with Russia, the Russian state-controlled news agency Interfax reported on June 13.

The news comes after the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced a new round of sanctions on June 12, targeting Russian financial institutions that serve as intermediaries in dollar trading on the Russian foreign exchange market.

The Moscow Exchange, the National Clearing Center, and the National Settlement Depository were added to the sanctions list. Within the next hour, the Moscow Exchange released a statement suspending the trade of dollars and euros beginning June 13.

Mbank, Kompanion Bank, RKS Bank, Kyrgyz-Swiss Bank (KSB), Kyrgyzcommerzbank, and Keremet Bank have reportedly imposed various restrictions on transfers using Russian payment systems.

Most of the banks called the restrictions "temporary," according to the outlet.

In turn, Capital Bank, Khalyk Bank, and Bank of Asia told Interfax that they have no restrictions on transactions with rubles and transfers to and from Russia.

Western countries have imposed extensive economic restrictions against Moscow over its full-scale invasion of Ukraine, seeking to curb its state revenue and prevent it from obtaining key technologies needed for the war effort.

Russia has sought to dodge these sanctions via various third-party entities in China, Central Asia, Turkey, and the United Arab Emirates.

US issues new ‘sweeping’ sanctions against Russia — will they make a difference this time?
The U.S. State and Treasury departments issued what they called a “sweeping” set of sanctions against Russia and its financial backers on June 12, in the latest move to try and degrade Moscow’s wartime economy. Western countries have imposed extensive economic restrictions against Moscow over its f…

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