Kazakh Finance Minister Erulan Jamaubaev on Thursday denied media reports that the country's government limited banks' financial operations in rubles
ASTANA (Pakistan Point News / Sputnik - 08th June, 2023) Kazakh Finance Minister Erulan Jamaubaev on Thursday denied media reports that the country's government limited banks' financial operations in rubles.
Russian newspaper Izvestia reported on Thursday that Russian entrepreneurs were encountering situations when Kazakh banks did not accept settlements in rubles. Local banks were canceling transactions against the background of possible sanctions and tightening their compliance policies.
"In general, there is such an expression as KYC � know your customer � if the banking sector is filtering certain moments related to the issues of sanctions and other risks, this is directly the work of the bank themselves. There were no orders from the government," Jamaubaev told reporters on the sidelines of the Astana International Forum, which is being held from June 8-9.
In 2022, the Russian financial sector faced severe issues against the backdrop of the military operation in Ukraine. Western nations and their allies have responded with comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and asset freezes.
