It did not provide comparative data, but the figure appears high for such a short period.Īs citizens of countries which are fellow members of the Eurasian Economic Union, a free trade zone, Russians and Belarusians benefit from simplified residence and employment rules in Kazakhstan. Some 10,000 Russian citizens received personal identification numbers – known as INNs and required to open bank accounts – in Kazakhstan’s e-government system between February 24 and April 2, the Interior Ministry said recently. Just seven were opened by companies, bringing the total number of corporate bank accounts held by Russian and Belarusian firms in Kazakhstan’s banking system to 805. The vast majority are personal bank accounts held by individuals. Russians and Belarusians have opened 11,940 bank accounts since February 24, bringing the total to 162,000, according to data from the Agency for Regulation and Development of the Financial Market quoted by.

That represents an 8 percent rise on the number of bank accounts they previously held in Kazakhstan. Russians and Belarusians are traveling to the Central Asian country to circumvent financial sanctions imposed because of the war.Ĭitizens of those two countries locked out of the global banking system have opened nearly 12,000 accounts in Kazakh banks since Russia invaded Ukraine on February 24, Kazakhstan’s financial regulator said on April 8. Russia’s invasion of Ukraine has brought a mini-boom in custom for banks in Kazakhstan. Foreigners can open bank accounts in Kazakhstan with relative ease.

Bank busting