DemirBank restricts transactions through Keremet Bank

From 31 January DemirBank will stop making payments and transfers in foreign and local currencies between the bank's clients and OJSC ‘Keremet Bank’.

Now DemirBank customers will not be able to send payments and transfers in favour of customers of Keremet Bank, as well as receive transfers and payments from customers of this bank.

Recall, on 15 January it became known that the U.S. introduced new sanctions, under them fell ‘Keremet Bank’. The reason was that the Bank since last summer helped to conduct cross-border transfers on behalf of ‘Promsvyazbank’, already under US sanctions since 2022.

In addition, in 2024, the controlling stake in Keremet Bank was sold to a company linked to a Russian oligarch.