Adaptation in the Terms of Global Sanctions
Impact of sanctions on remittances
Global sanctions lead to serious changes in economic relations between countries. In 2024, Russia and Kazakhstan face new challenges in the field of remittances in the context of increased international restrictions.
Sanctions create conditions for limiting financial flows between countries, affecting remittances. This includes restrictions on the use of payment systems, blocking of bank accounts and increased control over international financial transactions.
Trends in the remittance market
According to the data of the National Bank of Kazakhstan for 2023, the volume of remittances did not undergo significant changes, but there was a redistribution of market shares. Some international services, including sendnomad.com, have left the market, while the share of the “Golden Crown” service continues to grow.
Under the sanctions, banks and financial institutions in Russia and Kazakhstan are forced to adapt their financial instruments. This includes finding alternative payment channels, implementing new technologies and improving monitoring systems to meet sanctions requirements.
Innovations in the financial sector
Despite the sanctions, banks and financial institutions are actively implementing innovative solutions. An example is Oschadbank, which, despite the sanctions, made it possible to transfer money to Kazakhstan via SWIFT and carry out cash transfers through partner banks.
Digital technologies such as blockchain and cryptocurrencies can be a key tool in facilitating remittances under sanctions. They provide alternative mechanisms for conducting transactions, helping to minimize the impact of global restrictions.
Money transfers between Russia and Kazakhstan in 2024 under global sanctions are a challenge. Some players such as Unistream and SendNomad have left the market, while others, including QIWI, Contact, SendNOW, Avosend and Volaris, are actively competing for market share. Despite the difficulties, the “Zolota Korona” service has become a dominant player with a share of over 80%, which, in our opinion, both pleases and scares the owners of this service.