Kazakh banks have started denying Russians the ability to open accounts without a residence permit.

Kaspi Bank has stopped issuing cards at least until February 3rd. After this date, they promised to resume card issuance. According to new regulations, cards will only be issued for a duration of one year. Home Credit Bank has suspended card issuance for an indefinite period. The banks' decision is linked to a previous ban by the Agency for Regulation and Development of the Financial Market of Kazakhstan on opening cards for foreigners without a residence permit for more than one year. This measure was reportedly taken to "minimize the risks associated with the use of banking services in the illegal drug trade and digital assets."

Russians have increasingly opened accounts in Kazakh banks since the onset of the war. This trend is attributed to both mass immigration to Kazakhstan and the sanctions imposed against Russia, including restrictions on the use of Visa and Mastercard with Russian banks.

Due to banking restrictions, Russians will no longer be able to visit Kazakhstan solely for the purpose of obtaining cards; they will need to become tax residents of the country and pay taxes there (they automatically become residents upon receiving a residence permit).

• Kazakhstan is one of the most popular destinations for Russians who decided to leave their country following the start of the full-scale war in Ukraine and the announcement of so-called partial mobilization by Vladimir Putin. According to the Kazakh government, from 2022 to 2024, nearly 695,000 citizens of Russia received cards from local banks, and according to data from the republican Ministry of Internal Affairs, in 2024, 233,000 Russians obtained a personal state identification number in Kazakhstan. The actual number of Russians residing in Kazakhstan remains unknown.