Kazakhstan banks caught between Russia and dollar as sanctions reshape payments
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Sanctions against Russia are forcing Kazakh banks to weigh every dollar and euro transaction against the risk of losing access to the global financial system. Any payment in hard currency passes through foreign correspondent banks, so a single suspicious operation can cut a Kazakh bank off from the world. Financier Rasul Rysmambetov explains why banks choose the principle of 'better safe than sorry'.
Key Facts
- Sanctions against Russia reach Kazakhstan primarily through money flows, not just goods and companies.
- Any dollar or euro payment passes through foreign correspondent banks, exposing Kazakh banks to global financial system risks.
- Financier Rasul Rysmambetov explains that banks adopt a 'better safe than sorry' principle in this environment.
Sanctions Pressure
Sanctions against Russia affect Kazakhstan not only through restrictions on goods and companies but primarily through money flows. Any payment in dollars or euros passes through foreign correspondent banks, making each transaction a potential risk point. A Kazakh bank that processes a suspicious operation risks losing its own access to the global financial system.
Bank Response
Financier Rasul Rysmambetov explains that banks choose the principle of 'better safe than sorry' in this environment. The cautious approach reflects the reality that correspondent banks can cut off access at any time.
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