The United States has extended blocking sanctions against a number of companies in the Russian financial sector, also under the restrictions fell “Keremet Bank”. This is stated in a press release of the Ministry of Finance of the States.

According to the department, the bank was included in the SDN-list for participation in a scheme to circumvent sanctions, developed jointly with the Russian authorities and the bank “Promsvyazbank”, which plays a key role in the financing of the defense industry of the Russian Federation. 

Keremet Bank has reportedly helped conduct cross-border transfers since last summer on behalf of Promsvyazbank, which has already been under US sanctions since 2022. 

In addition, a controlling stake in Keremet Bank was sold to a company linked to a Russian oligarch in 2024.

“Last year, the Ministry of Finance of the Kyrgyz Republic sold a controlling stake in Keremet Bank to a firm closely linked to a Russian oligarch with ties to the Russian government. The purchase of Keremet Bank is aimed at creating a sanctions evasion center for the Russian Federation to pay for imports and receive payments for exports,” the release said.