No restrictions on Kazakh banks conducting transactions in rubles - minister

ASTANA. June 8 (Interfax) - Kazakhstan's government has not restricted ruble transactions for second-tier banks, Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev said.

"As you may know, there are KYC or Know Your Customer standards. It is up to the banks to sort out issues that may arise from existing sanctions. The government has not given any instructions in this regard," Zhamaubayev told reporters on Thursday.

According to the Vedomosti newspaper, Russian entrepreneurs have faced a situation where Kazakhstan-based banks are refusing to accept rubles. Some reports say Kazakh banks, wary of sanctions, are canceling transactions.