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USA removes former Sberbank subsidiary in Kazakhstan from sanctions list

ASTANA. March 9 (Interfax-Ukraine) – Bereke Bank, the former subsidiary of Russia’s Sberbank in Kazakhstan, has been removed from the U.S. sanctions list, according to the U.S. Treasury Department.

Bereke Bank said in early February that it expected the U.S. authorities to lift sanctions in March.

The bank said the U.S. Office of Foreign Assets Control (OFAC) had notified Congress of its intention to remove the former subsidiary from the sanction list since the bank had changed its owner to become fully owned by Baiterek National Managing Holding Company, whose shareholder is the government of Kazakhstan.

Russia’s Sberbank sold its subsidiary in Kazakhstan to the Baiterek holding at the beginning of September 2023. The bank was renamed Bereke Bank. Later in September, the new owner submitted a package of documents to OFAC to remove the bank from the sanctions list.

Sberbank Kazakhstan ranked ninth by assets among 21 banks operating in Kazakhstan as of January 1, according to the National Bank.