Kazakhstan Unblocks Hundreds of Millions of Dollars

Kazakhstan has successfully unblocked over $700 million that had been restricted since 2022 within the international settlement and clearing system, Euroclear. This was announced by the Minister of Finance, Madi Takiyev, who clarified that the funds belong to the Eurasian Development Bank (EDB).

According to the head of the Ministry of Finance, the accounts were frozen following the imposition of sanctions against the National Settlement Depository (NSD). However, the Ministry of Finance, acting as a shareholder of the Eurasian Development Bank, ensured their full recovery.

"We have completely unblocked these funds, and there are currently no issues with Euroclear. We are cooperating closely and plan to open their office in Astana," Madi Takiyev stated during a government briefing.

Vice Minister of Finance Dauren Kengbeil specified the exact amount, noting that the unblocked assets totaled $733 million, all belonging to the EDB.

Previously, the EDB reported that in June 2022, the European Union imposed blocking sanctions against Russia's National Settlement Depository. Subsequently, Euroclear blocked NSD funds held within its system, which led to the freezing of assets belonging to various foreign companies and organizations whose money was stored in those accounts. The Eurasian Development Bank was among those affected.

Euroclear is the world’s largest international settlement and clearing system and a central securities depository based in Belgium. The company services cross-border transactions involving securities, including stocks, bonds, and derivatives.

It is worth noting that the Ministry of Finance previously stated they were in negotiations with international financial institutions regarding the unblocking of assets and the expansion of cooperation in the financial sector.