Kazakhstan Banks 'Over-Fulfill' Sanctions Requirements Amid Global Uncertainty

Kazakhstani banks are taking an overly cautious approach to sanctions requirements, says financier Rasul Rysmambetov. This over-compliance is aimed at avoiding risks associated with dubious transactions.

The country's financial sector began facing difficulties in February 2022, following the conflict and Russia's disconnection from the SWIFT system. Kazakhstani banks were forced to minimize currency risks and tighten compliance requirements.

Rysmambetov notes that the Russian financial system can withstand sanctions, but its interaction with the outside world will become more complicated. The dollar will remain an important currency in international trade.