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Tengrinews.kz – The European Union has approved its 19th package of anti-Russian sanctions, which for the first time includes VTB Bank Kazakhstan, the local subsidiary of the Russian financial group VTB.
For banks added to the sanctions list, this means a ban on any transactions with EU-based counterparties, effectively blocking their participation in international operations involving the euro or US dollar.
The new restrictions will take effect on December 2.
According to EU documents, sanctions were also extended to VTB branches in China and Belarus, as well as to subsidiaries of Russia’s Alfa-Bank and Sberbank operating in Belarus.
The National Bank of Kazakhstan reports that VTB Kazakhstan currently ranks 20th by total assets among the country’s 23 operating banks.
VTB Bank Kazakhstan is a subsidiary of the VTB Group, which includes over 20 financial institutions worldwide and operates across the CIS region, including Kazakhstan, Armenia, Belarus, and Azerbaijan.
In February 2022, the United States imposed sanctions on Russia’s VTB Bank, followed by the United Kingdom. Shortly after, VISA suspended cooperation with VTB Kazakhstan in March 2022, restricting its card operations.
