The U.S. Treasury Department will lift sanctions on the former Russian subsidiary of Sberbank, which is now wholly owned by a Kazakh firm, its spokesman and a U.S. official told Reuters on Tuesday.
Last February, the Treasury Department imposed sanctions on the organization, a former subsidiary of Sberbank of Russia, in response to what Russia calls a “special military operation” in Ukraine. As a result of the conflict, hundreds of thousands of people died, cities and civilian infrastructure were destroyed.
Sberbank, Russia’s largest lender, sold its Kazakh subsidiary to Baiterek, the Kazakh state financial holding company, in August. The Kazakh branch was the second largest bank in terms of assets in the former Soviet republic.
The Wall Street Journal first reported the lifting of sanctions on Tuesday.
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Source: Hot News
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