The National Bank of Kazakhstan is closely monitoring AO “VTB Bank (Kazakhstan)” following a new package of European Union sanctions against the Russian financial group, said First Deputy Chairman Yerulan Zhamaubayev in a statement to journalists at the Senate, Vlast.kz reports.
According to Zhamaubayev, the regulator is reviewing how many clients the bank serves and what impact the sanctions may have on the country’s financial stability.
“Operations through VTB are minimal, so the bank does not have a significant effect on the financial system. I do not believe this situation poses serious risks to the economy,” he said.
Regarding the fate of depositors, he noted that the National Bank will assess the scale and potential consequences.
“This information has just come in — we will review how many depositors are affected and the overall impact on stability. Every client has the right to choose another bank if they wish,” Zhamaubayev explained.
He also reminded that Kazakhstan has a deposit insurance system that protects citizens’ funds in case of problems or bankruptcy of any commercial bank.
Zhamaubayev added that it is too early to outline specific measures, as decisions will depend on how the situation develops.
“It is important that clients and businesses are not affected. If any issues arise with payments or transfers, we will provide support,” he said.
The National Bank representative emphasized that sanctions-related risks have been under government monitoring for several years. All banks, he noted, are under constant supervision to prevent secondary sanctions from impacting Kazakhstan’s financial system.
CentralasianLIGHT.org
October 27, 2025