US To Remove Sanctions On Former Subsidiary Of Russia's Sberbank In Kazakhstan - Reports

The US Treasury Department will remove sanctions on the former subsidiary of Russia's Sberbank located in Kazakhstan because the entity is now owned by a Kazakh company, the Wall Street Journal reported on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 07th February, 2023) The US Treasury Department will remove sanctions on the former subsidiary of Russia's Sberbank located in Kazakhstan because the entity is now owned by a Kazakh company, the Wall Street Journal reported on Tuesday.

The US government sanctioned the bank, which was previously called Subsidiary Bank Sberbank of Russia Joint Stock Co., soon after Russia started its special military operation in Ukraine on February 24.

On September 1, the Kazakhstan government-owned company National Managing Holding Co. Baiterek purchased more than 99% of the shares in the former Sberbank subsidiary, changing the entity's name to Bereke Bank Joint Stock Co.

and replacing its board, the report said.

Baiterek's chief executive then sent the US Treasury Department a petition to remove the bank from its sanctions list effective March 6 and the latter decided he former Sberbak subsidiary no longer met the criteria for sanctions after receiving assurances it would not engaged in sanctionable activities and would release proprietary information to the US government when requested, the report added.