Keremet Bank, a leading Kyrgyz financial institution has announced the suspension of money transfers through Russian banks including Sberbank, MTS Bank and Tinkoff for an indefinite period on August 20. According to a statement on Keremet Bank's website, the suspension affects both inbound and outbound transfers via the mobile applications of the specified Russian banks and the National Payment Card System (NSPK) operator.
Despite this restriction, Keremet Bank clients can still access international money transfer services through alternative platforms including Zolotaya Korona, Western Union, Unistream and RIA. Keremet Bank, which is controlled by Kyrgyzstan's Ministry of Finance, emphasized that international transfer options remain available to its customers.
As reported by Daryo earlier MBank, Kyrgyzstan's fourth-largest bank by assets, has suspended all money transfers through Russian banks including Sberbank, Tinkoff and MTS citing the growing impact of international sanctions against Russia. This decision reflects a broader trend among Kyrgyz financial institutions responding to Western sanctions targeting Russian banks and entities, which have increasingly affected Russia’s financial operations amid its ongoing military activities in Ukraine. The sanctions imposed by Western nations including the U.S. have led to financial restrictions on Russian institutions and prompted Kyrgyz banks to seek alternative methods for international transactions, including using non-sanctioned banks for incoming transfers.
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