BISHKEK, Kyrgyzstan, February 25. The National Bank of Kyrgyzstan has petitioned the US to lift the sanctions imposed on Keremet Bank, the bank's Chairman Melis Turgunbaev during a press conference on the outcomes of 2024, Trend reports.
He said that following the imposition of sanctions on Keremet Bank, Kyrgyz President Sadyr Zhaparov directed Turgunbaev to travel to the US for talks with the US Department of the Treasury. Turgunbaev reported that he met with US Treasury officials and is working hard to resolve the situation.
"The sanctions on Keremet Bank are set to take effect on March 1, but we are doing everything we can before that date to have them lifted. We communicate daily with representatives from the Office of Foreign Assets Control (OFAC) to remove the sanctions," he said.
The bank is also actively informing local banks about the risks of sanctions, providing clarifications, and advising on how to prevent transactions with individuals or entities listed in the sanctions list. Turgunbaev emphasized that the ongoing work aims to avoid the expansion of sanctions on other Kyrgyz banks. An intergovernmental working group including key ministries is focused on this task.
If the sanctions are not lifted by March 1, the head of the bank noted that the bank would still operate, but any assets abroad would need to be transferred, and steps would be taken to address any concerns from clients.
On January 15, the US Department of the Treasury, through the Office of Foreign Assets Control, imposed sanctions on Keremet Bank, a Kyrgyzstan-based financial institution. The sanctions came about because the bank was caught red-handed in helping with cross-border transfers for Promsvyazbank, a Russian bank that has been in hot water with the US since 2022.
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