BISHKEK, Kyrgyzstan, January 16. The US Department of the Treasury, through the Office of Foreign Assets Control (OFAC), has imposed sanctions on Kyrgyzstan-based OJSC Keremet Bank, Trend reports.
The bank is accused of coordinating with Russian officials and a US-designated Russian bank, Promsvyazbank (PSB), to facilitate a scheme to evade sanctions.
“Since the summer of 2024, authorities at OJSC Keremet Bank, situated in the Kyrgyz Republic, have engaged in strategic coordination with Russian officials and the U.S.-designated Promsvyazbank Public Joint Stock Company (PSB) to orchestrate a sophisticated sanctions evasion operation. This initiative involves Keremet Bank serving as a conduit for cross-border financial transactions on behalf of PSB,” the statement reads.
Furthermore, the Keremet Bank scheme is believed to have involved Ilan Mironovich Shor, a Russian-Moldovan oligarch under US sanctions.
In 2024, the Kyrgyzstan Ministry of Finance sold a majority stake in the bank to a firm with strong ties to the Russian government. This purchase is said to have been part of an effort to establish a hub for sanctions evasion, allowing Russia to conduct payments for imports and exports while avoiding sanctions.
The US sanctions target Keremet Bank for conducting or facilitating significant transactions that involve Russia’s military-industrial base, which includes the sale, supply, or transfer of items to the Russian Federation.
The National Bank of Kyrgyzstan commented on the sanctions, stating that the banking sector is currently stable. The bank is taking appropriate measures to minimize the negative impact of the sanctions on the country's banking system and to ensure financial stability.
“As needed, the National Bank of the Kyrgyz Republic is ready to implement additional measures and tools to maintain the resilience and stability of the banking system and to protect the interests of depositors and creditors,” the statement said.
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