Treasury Blacklists Kyrgyzstan's Keremet Bank Over Russia Links
Published Date: 1/23/2025
Notice
Summary
The U.S. Treasury’s OFAC just added OJSC Keremet Bank from Kyrgyzstan to its sanctions blacklist, meaning all their U.S.-related assets are frozen and Americans can’t do business with them. This action took effect on January 15, 2025, and aims to block harmful activities linked to Russia. If you’re dealing with this bank, watch out—your money and transactions are now off-limits!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Keremet Bank added to SDN list
On January 15, 2025, OFAC added OJSC Keremet Bank (Bishkek, Kyrgyzstan; SWIFT/BIC RINBKG22) to the Specially Designated Nationals (SDN) List. All of the bank's property and interests in property that are in the United States or come within the possession or control of any U.S. person are blocked, and U.S. persons are generally prohibited from engaging in transactions with the bank.
Secondary sanctions risk noted
The notice states a "Secondary sanctions risk: See Section 11 of Executive Order 14024," indicating that parties dealing with OJSC Keremet Bank may face secondary sanctions risk under Section 11 of E.O. 14024 as amended. This warning accompanies the blocking designation announced January 15, 2025.
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