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Tengrinews.kz – The National Bank of Kazakhstan has commented on the European Union’s sanctions against VTB Bank Kazakhstan.
What happened
Recently, the European Union approved its 19th package of anti-Russian sanctions, which also included VTB Bank Kazakhstan.
For banks on this list, the EU has banned all transactions with counterparties in EU countries. This step effectively restricts their participation in international operations, especially those involving the euro and the U.S. dollar. The EU sanctions list also includes VTB branches in China and Belarus.
What the National Bank says
According to the Department of Payment Systems and Digital Financial Technologies of the National Bank, on October 23, the European Council approved a “new package of sanctions against Russia.” VTB Bank Kazakhstan was added to the list, and the sanctions will take effect on December 2, 2025.
“It should be noted that in 2024, VTB Bank Kazakhstan was already included in the U.S. sanctions list (OFAC). Other Kazakh banks, as part of their compliance procedures, independently decide whether to cooperate or conduct transactions with VTB Bank Kazakhstan, taking into account possible secondary sanctions risks,” the National Bank stated in its official response to Tengrinews.kz.
The Agency for Regulation and Development of the Financial Market (ARDFM) previously noted that the inclusion of VTB Bank Kazakhstan in the EU’s 19th sanctions package “does not affect the stability of Kazakhstan’s financial system.”
The agency emphasized that the bank continues to meet prudential standards, including capital adequacy and liquidity ratios, as well as other requirements established by current legislation.
