Keremet Bank made an official statement regarding the sanctions imposed by the U.S. Department of the Treasury.
The statement says that Keremet Bank is one of the leading banks in the Kyrgyz Republic, a reliable and effective partner that actively supports the development of the national economy.
«We are proud of our role in ensuring the country’s financial stability and remain committed to providing quality services to our clients and partners,» the press release says.
The bank emphasized that they always operate in strict accordance with national and international laws, adhering to the principles of transparency and responsibility.
It is noted that Keremet will contact the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to appeal its statement, which alleges violations by the bank.
Currently, the bank continues to operate as usual, fulfilling its obligations to clients and partners with an unwavering commitment to the principles of transparency, reliability and responsibility.
«These events will not affect the bank’s operations, and the bank continues to fully fulfill its obligations to depositors. All branches are operating according to schedule, and operational activities are carried out in full. We are open to dialogue and are ready to cooperate with regulatory authorities, including international auditors, and will additionally notify the bank’s partners and clients as new information emerges,» the statement reads.
The United States expanded sanctions against the Russian financial sector. The restrictions affected 15 organizations and one individual, which, as stated, support the Russian defense industry.
The U.S. Department of the Treasury also included the Kyrgyz Keremet Bank in the sanctions list for participating in the circumvention of restrictions imposed on Russia. According to the department, the bank worked in conjunction with the Russian Promsvyazbank, which finances the Russian defense industry and has been under sanctions since 2022.
Since the summer of 2024, Keremet Bank has been helping to conduct international transfers for Promsvyazbank. In addition, according to the U.S., the scheme involved Russian-Moldovan businessman Ilan Shor, who discussed the role of Keremet Bank in circumventing sanctions.
In 2024, a controlling stake in the bank was sold to a company associated with the Russian oligarch. This, according to the U.S. authorities, made Keremet Bank an important link in the scheme to circumvent sanctions.
The National Bank of Kyrgyzstan also commented on the U.S. sanctions against Keremet Bank. According to the bank, the banking sector of Kyrgyzstan remains stable and has sufficient capitalization, liquidity and resilience to external risks. It also reported on measures to minimize the negative impact of sanctions on the country’s financial system.