Taleh Kazimov: Central Bank of Azerbaijan expects review of EU sanctions against Yelo Bank

Taleh Kazimov: Central Bank of Azerbaijan expects review of EU sanctions against Yelo Bank

The Central Bank of Azerbaijan (CBA) sees no risks to Yelo Bankchr("39")s operations following its inclusion in the EUchr("39")s 20th sanctions package and expects this decision to be reviewed, CBA Chairman Taleh Kazimov said at a press conference, Olaylar informs.

According to him, the Central Bank maintains regular contact with the bank and has not detected any negative trends.

"We do not see any problems. The bank is in a fairly stable position both in terms of liquidity and capital adequacy. We have no negative expectations," Kazimov noted.

The CBA chairman admitted that EU sanctions may cause some difficulties in processing payments, but in recent weeks, such transactions have been carried out without any problems.

He stated that both the bank and the CBA have submitted appeals to the relevant EU authorities to clarify the reasons for Yelo Bankchr("39")s inclusion on the sanctions list and intend to continue working to resolve the situation legally.

"We hope that the European Union will reconsider its decision in the coming months, as it is unfounded. All reporting on Yelo Bank and other banks is published openly and complies with both international standards and domestic legislation," Kazimov said.

The CBA chairman also recalled that the bankchr("39")s connection to the Russian SPFS system had been mentioned, but that this occurred before the start of the Russian-Ukrainian conflict.

"The issue concerns the use of this system. This may be simply a misunderstanding. We donchr("39")t see any problems with the bank," he added.