Kazakhstan: Banks Began Checking Transactions from Russia More Thoroughly

Second-tier banks in Kazakhstan have increased the period for checking transactions made by Russian businesses, Orda.kz reports, citing RBK.

RBK reports, citing sources, that Kazakhstan's banks are now checking all transactions related to Russia more thoroughly. The payment period can be up to two months. Banks are requesting more and more documents about funds transferred from Russia to Kazakhstan.

Some Russian companies claim to be experiencing issues when trying to transfer rubles via branches of Kazakhstani banks in Russia. Others reportedly request fewer documents.

The founder of the Digital Foreign Economic Activity platform, Anna Fomicheva, claims that currently, the minimum processing time for payments from the Russian Federation in Kazakhstani banks is from seven to ten days, but transactions are often checked within a month.

We are talking about direct contracts with customs clearance in Kazakhstan, not about transit. It became impossible to carry it out about a year ago. Therefore, we decided not to use Kazakhstani banks until the situation stabilizes. It has become time-consuming and economically unprofitable, Anna Fomicheva says.

Kazakhstan's financial institutions reportedly require Russian businesses to prove economic ties with Kazakhstan — otherwise, the transaction may be denied.

Transactions on goods included in the sanctions lists may also be rejected automatically.

Original Author: Nikita Drobny