Kyrgyzstan Pushes to Lift U.S. Sanctions on Keremet Bank
The National Bank of Kyrgyzstan is negotiating with the U.S. Treasury Department to lift sanctions imposed on Keremet Bank, according to National Bank Chairman Melis Turgunbaev. The U.S. authorities sanctioned Keremet Bank over alleged ties to Promsvyazbank, a Russian financial institution under sanctions. In response, the National Bank of Kyrgyzstan has formally petitioned for the sanctions to be lifted. Efforts to Lift Sanctions “We have submitted a formal request, provided the necessary information, and are actively engaging with U.S. officials. Typically, cases like this are reviewed within 30 to 45 days. Sanctions on Keremet Bank are set to take effect on March 1, and we are doing everything possible to reverse this decision before then,” Turgunbaev stated. According to him, this window allows the bank to manage its international assets and keep clients informed. Keremet Bank’s Response Keremet Bank has welcomed the government’s efforts to challenge the sanctions. “The bank operates in full compliance with national and international laws, adhering to principles of transparency and responsibility. We have submitted an appeal to OFAC (the U.S. Office of Foreign Assets Control) disputing the allegations against us,” the bank told The Times of Central Asia. Growing Time Pressure and UK Sanctions Despite optimism from Kyrgyz authorities, time is running short for a resolution. Keremet Bank has warned its clients that Visa payment cards issued by the bank will stop working on February 28. In a further setback, the United Kingdom has also imposed sanctions on Keremet Bank, designating it as a foreign financial institution supporting Russia. Previously, the National Bank of Kyrgyzstan instructed commercial banks to tighten control over financial transactions in response to increased enforcement by OFAC.