Kyrgyz banks continue to join the latest package of anti-Russian sanctions from the EU and the US. Fearing secondary sanctions from the West, the last major financial institutions of the republic are ceasing to work with Russian banks.
Keremet Bank OJSC informs that money transfers through the mobile applications of Russian banks Sberbank PJSC, MTS Bank PJSC, Tbank JSC (Tinkoff) and the operator of the national payment system of the Russian Federation NSPC JSC in both directions have been suspended indefinitely.
Keremet Bank informed its clients that the situation is not hopeless. They can make transfers from Russia to Kyrgyzstan and from Kyrgyzstan to Russia via international money transfer systems Zolotaya Korona, Astrasend, Western Union, Unistream and Ria.
A few days before that, another major Kyrgyz bank, MBank, also announced that it is now suspending money transfers through Russian banks. However, it later issued a clarification that transfers would still be possible. But not with mobile applications, and not through all banks.
We inform you that from August 16, 2024, personal money transfers of citizens working in Russia through Russian banks (except for sanctioned banks) are available exclusively by bank details. We also inform you that transfers through Russian banks via the MBank application by phone number have been stopped in both directions.
Unlike Keremet Bank, MBank did not mention the timing of the restrictions.
It is worth noting that Russia has solved the issue of freezing interbank activities with partner countries due to sanctions with a new law. From September 1, foreign banks will be able to open their branches in Russia, which will simplify cross-border transfers and solve a number of other problems that businesses and ordinary citizens have faced due to the tightening of anti-Russian sanctions. It is known that banks from the EAEU member countries of Belarus and Kazakhstan will open their branches in Russia, but there have been no reports of similar intentions from banks in Armenia and Kyrgyzstan.
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