VTB will continue to work in Kazakhstan
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“Despite the fact that he [ВТБ] is also included in the sanctions list, it continues operations in the national currency, these operations are not prohibited, according to the restrictions that were introduced by the countries that imposed sanctions,” she said.
In addition, Abylkassymova added that the bank was capitalized by 5 billion rubles, so the regulator makes sure that VTB complies with all the necessary standards.
At the beginning of June Interfax wrotethat VTB announced plans to recapitalize its Kazakh branch. The funds were planned to be used to increase the capital of the subsidiary of the Russian VTB in order to “facilitate the fulfillment of the necessary standards and the further development of its activities in the country.
Immediately after the start of a special military operation in Ukraine, blocking US sanctions were imposed against VTB, after which, in March, Internet card transactions were no longer available to bank customers in Kazakhstan. As a result, the bank’s subsidiary in Kazakhstan started looking for an investor. VTB CEO Andrey Kostin June 20 declaredthat the bank plans to maintain a presence in Kazakhstan, as well as in Azerbaijan, Armenia, Belarus, China and India, but will leave the Georgian market.
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