Kazakhstan's Islamic bank Zaman Bank has confirmed that 505.7 million tenge were frozen in accounts at Russian banks that have been hit by sanctions. The bank noted that it has set aside reserves for this amount, so the situation has not affected its financial position, according to infohub.kz.
Earlier, the Telegram channel "Bullish Bell" reported that 505.7 million tenge of Kazakhstan's Zaman Bank were blocked in correspondent accounts at Russian banks subject to US sanctions. The bank's press service confirmed to "Kursiv" that the funds in the accounts are indeed frozen until the relevant sanctions restrictions are lifted.
The bank noted that it complies with all international sanctions requirements and continuously monitors changes in sanctions regimes. However, when new sanctions are introduced, in some cases a limited period is provided for completing previously initiated operations. During this time, it is not always possible to promptly transfer funds and open corresponding accounts in other financial institutions, as such procedures require additional time.
"With respect to funds affected by sanctions restrictions, the bank conducts an appropriate risk assessment and takes necessary measures, including the formation of reserves. In particular, as of the end of 2025, a 100% reserve was formed for the amount of 505.7 million tenge, so its net book value in the bank's reporting is zero," Zaman Bank noted.
The press service said that the bank continues to comply with sanctions requirements, monitor changes in regimes, and take necessary measures to minimize related risks.