The Kyrgyz Keremet Bank, which was sanctioned by the US in January, announced that from 4PM.00 on 28 February, Visa payment cards issued by the bank will completely cease to work.
All funds held on card accounts can be withdrawn at the cash desk of the nearest branch upon presentation of a passport, the bank said.
Based on the sanctions, US authorities stated that since the summer of 2024 officials of Kyrgyz JSC Keremet Bank have been coordinating with officials of Russian OJSC Promsvyazbank, which is also on the US list of sanctioned banks. In 2014, the Ministry of Finance of the Kyrgyzstan sold a controlling share in the bank to a company allegedly linked to the Russian oligarch and government.
In February 2025, the UK imposed sanctions on the Keremet Bank.
The bank itself claims that, in March 2024, the Ministry of Finance of the country bought 97.45% of its shares from the National Bank.
