Kazakhstan Does Not Restrict Banks' Operations Regarding Ruble Payments

The authorities of Kazakhstan have not restricted the banking sector's operations concerning ruble transfers; the banks themselves determine their operational parameters. This was stated to journalists by Kazakhstan's Deputy Finance Minister Yerulan Zhamaubayev.

“In general, there is a concept known as KYC (Know Your Customer). If the banking sector needs to 'filter' certain aspects related to sanctions or other issues, that falls under the banks' operations. This means that each bank decides for itself. There has been no instruction from the government,” said Zhamaubayev in response to a question from TASS regarding potential difficulties faced by Russian entrepreneurs in making ruble transfers through Kazakhstani banks.

Previously, it was reported that banks in Armenia and Kazakhstan are blocking payments from Russian legal entities in the electronics market, as noted by Kommersant.

It is also worth mentioning that in April, Medina Abilkasimova, a representative from Kazakhstan's financial market regulation and development agency, stated that the government is taking all necessary measures to avoid secondary sanctions on the financial sector. According to her, all banks and financial organizations in Kazakhstan have significantly strengthened their procedures for complying with Western sanctions. The agency's head emphasized that Kazakhstan is monitoring these measures to ensure that its banking system is not used to circumvent sanctions during commercial transactions.