The former subsidiary of Sberbank in Kazakhstan will be released from US sanctions in March
The Kazakh bank Bereke Bank, which used to be a subsidiary of Sberbank, expects to be released from US sanctions in March 2023, Nurgul Salykzhanova, head of the press service of the financial organization, said, TASS reports.
“We expect that this will all happen in March, we are waiting,” she said.
Earlier, The Wall Street Journal reported that Bereke Bank could get out of sanctions. According to her, the US Treasury decided to lift sanctions from the credit organization after it was sold to the Kazakh holding Baiterek. The sanctions are expected to be lifted on March 6.
It is specified that Baiterek closed the deal to buy 99% of the bank in early September 2022. On December 10, the press service of the Agency for Regulation and Development of the Financial Market of Kazakhstan announced that Bereke Bank was preparing to exit from US sanctions.
Sberbank was added to the sanctions list immediately after the start of the military operation in Ukraine on February 24, 2022. American banks do not have the right to conduct transactions with the participation of Sberbank, the same applies to its foreign subsidiaries. At the time the sanctions came into force, Bereke Bank belonged to Sberbank.