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United States to lift sanctions against former Russian Sberbank unit

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According to a U.S. official and the Treasury Department’s spokesperson, the sanctions against a former Russian Sberbank subsidiary that is now entirely owned by a Kazakh company will be lifted.

In response to what Russia refers to as a “special military operation” in Ukraine, the Treasury imposed sanctions on the organization, formerly known as Subsidiary Bank Sberbank of Russia Joint Stock Co, in February of last year. Cities have been reduced to ruins and thousands of people have been killed or injured.

The largest lender in Russia, Sberbank, sold its subsidiary to Baiterek, a state-owned financial holding company in Kazakhstan, in August. In terms of assets, the Kazakh affiliate had been the second-largest bank in the former Soviet republic.

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The news that the sanctions would be lifted was first reported by The Wall Street Journal on Tuesday.

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