Some banks in Kyrgyzstan have announced the suspension of money transfers (in both directions for an indefinite period) to Russian Sberbank, MTS Bank and Tinkoff Bank via mobile applications due to sanctions imposed against the Russian Federation. In this regard, 24.kg news agency has collected information about financial institutions that are still transferring money to Russia, and those that have temporarily stopped transfers.
Bakai Bank
The bank reported that it is currently impossible to receive transfers online from the Russian Federation due to technical reasons.
Demir Bank
Since Russian banks are under sanctions, transfers to them cannot be made. However, money transfers using passport data are available through Western Union, Moneygram and Zolotaya Korona systems.
Halyk Bank
Transfers are unavailable due to sanctions.
Dos-Credobank
Transfers are possible through Unistream system.
Keremet Bank
Money transfers via mobile applications of Russian banks such as Sberbank, MTS Bank and Tinkoff have been temporarily suspended.
Kyrgyz-Swiss Bank (KSB)
Transfers are possible via the SWIFT system.
Bank of Asia
Transfers to the specified bank cards and via fast systems are not available, as well as via SWIFT.
Optima Bank
All of the listed banks are under sanctions, transfers are not possible.
Eldik Bank (RSK Bank)
Transfers to these cards are not available.
FinanceCreditBank
Does not provide transfer services to Sberbank, MTS and Tinkoff cards.
Kyrgyzkommertsbank
Transfers from the bank’s cards to Russian payment cards are not available.
MBANK
Transfers by phone number via MBank app through Russian banks have been suspended in both directions.
Kyrgyz Investment and Credit Bank (KICB)
The bank reported that transfers to Tinkoff, Sberbank, and MTS cards are temporarily unavailable.
Aiyl Bank
Transfers are available to Sberbank and Tinkoff cards in both directions.
Kompanion Bank
Transfers are possible by card number to Sberbank, Tinkoff, and other cards.
Eurasian Savings Bank (ESB)
Transfers are available to Sberbank, Tinkoff, and MTS cards.
What does the National Bank say?
The National Bank explained that commercial banks of Kyrgyzstan are required to comply with legislation on combating the financing of terrorism and money laundering. This includes customer verification measures, Know Your Customer (KYC) policy requirements, and submission of supporting documents for transactions and verification of sources of origin of funds.
According to the legislation of the republic, banks are responsible for the safety of depositors’ funds and are obliged to assess and minimize risks, including compliance with requirements in the field of combating the financing of terrorism and money laundering.
Commercial banks are currently taking measures to prevent the negative consequences of international sanctions on the banking system of the Kyrgyz Republic. In order to minimize the risks of secondary sanctions, control over clients and counterparties has been strengthened, and a thorough check is carried out to ensure that they are not on the sanctions lists.
To date, it is still possible to send/receive money transfers from/to Russia without opening an account through the following money transfer systems:
— Unistream;
— Zolotaya Korona;
— AstraSend;
— PLUSPAY.
It should be noted that a total of 62 Russian banks are on the sanctions list.
