Azerbaijan central bank chief calls Yelo Bank’s inclusion in EU sanctions list a “misunderstanding”

Azerbaijan’s central bank sees no serious problems related to Yelo Bank, Central Bank Governor Taleh Kazimov said at a press conference.

According to him, Yelo Bank’s inclusion in the European Union’s sanctions package was the result of a misunderstanding.

“Yelo Bank joined the Russian system before the Russia-Ukraine conflict. That system has already been shut down. Yelo Bank is sufficiently resilient in terms of both liquidity and capital adequacy. The bank may simply face certain difficulties with payments,” Kazimov said.

The central bank chief added that inquiries would be sent to the relevant authorities to clarify the reasons.

“We hope that the EU will revise its decision in the coming months, because there are no grounds for it,” he said.