Kazakhstan’s Home Credit Bank has stopped working with the branch of Russian bank VTB in Kazakhstan, Sputnik reports.
“All transfer operations in tenge and foreign currency on clients’ accounts to/from VTB Kazakhstan have been stopped,” – says the information from the Kazakh bank.
The bank justified this decision by “eliminating the risks of applying secondary sanctions, even against the bank’s clients.”
“In connection with the international sanctions imposed against VTB Kazakhstan, Home Credit Bank decided to terminate its interaction with VTB Kazakhstan in order to eliminate the risks of secondary sanctions, including in relation to the bank’s clients. In this regard, all transfer operations in tenge and foreign currency on clients’ accounts to/from VTB Kazakhstan have been stopped.” — the financial institution’s statement also says.
VTB is the only Russian bank that still has a subsidiary in Kazakhstan.
Earlier, four other Kazakh banks stopped cooperating with Russia.
