Tinkoff Bank adjusts how it handles SWIFT transfers to Freedom Finance in Kazakhstan
Tinkoff Bank has announced a change in its international transfer policy. Starting July 17, it will suspend SWIFT transfers in US dollars to Freedom Finance, a Kazakh credit institution, and will limit transfers to Freedom Finance to rubles, tenge, and yuan. This update was reported by TASS and confirmed by the bank’s customer advisory.
Customers have been informed that the new restrictions take effect on July 17, 2023. In the same communication, Tinkoff noted that deposits and other transactions may still be processed in the currencies supported by the changed policy, with specific attention to how these funds will be handled when sent to the Kazakh partner bank.
Separately, Tinkoff had previously signaled a new commission on cash deposits in dollars and euros. The bank indicated it would charge a 1 percent fee on the deposited amount in these currencies, signaling a broader shift in how cash contributions are priced for international clients.
Echoing broader regional discussions, the Russian Foreign Ministry commented on the prospect of Rosselkhozbank establishing a branch capable of connecting to the SWIFT network as part of the EU grain initiative, calling the idea clearly impassable. The ministry stressed that while a branch opening would require months to establish, and a SWIFT connection would need about three additional months, a rapid closure of access could occur within minutes if policy or sanctions dictate it.
Industry observers also noted a recent move by Rosselkhozbank mentioned by the Financial Times, which reported a plan to create a subsidiary to reconnect with SWIFT and thereby support the grain agreement. Competing reports from RIA Novosti, however, suggested that the European Union had not yet laid out concrete mechanisms for such a reconnect, leaving questions about timing and feasibility unresolved for the moment.
In parallel, there has been renewed attention on monetary policy signals from the region, including discussions about potential changes to the key rate by the country’s central bank. Analysts are watching how external financial pressures and sanctions considerations interact with domestic policy moves as markets adjust to evolving conditions.
Overall, the shift at Tinkoff and the regulatory commentary reflect a broader pattern of currency and cross-border transaction adjustments affecting clients who use correspondent banking relationships to move money between Russia, Kazakhstan, and international markets. The positions taken by banks and government agencies underscore the careful navigation required as global payment networks respond to sanctions regimes, regulatory changes, and evolving geopolitical concerns for both the Canadian and American audiences following these developments.
All updates cited come from public statements and reputable business coverage, with timing and policy specifics subject to change as institutions and authorities implement new guidelines and interbank processes. Stakeholders are advised to verify current transfer options directly with their banks and monitor official channels for any further changes to SWIFT access and currency eligibility for international transfers to Freedom Finance and similar counterparties.