Uzbekistan’s Central Bank Sees No Major Sanctions Risks — Ishmetov

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan does not anticipate serious consequences for the country from potential sanctions, Chairman Timur Ishmetov stated on September 11.
According to Ishmetov, both the government and the regulator pay close attention to sanctions compliance. An effective compliance system has been established within the banking sector, and banks have implemented and continue to refine their own tools to meet regulatory requirements. “We take this very seriously. However, there is no reason for concern,” he emphasized.
He noted that Russia remains one of Uzbekistan’s key trading partners, so certain risks persist. At the same time, any transfers to sanctioned organizations occur solely by mistake, not deliberately, and prompt measures are taken in such cases.
Following the publication of each new sanctions package by the European Union and other countries, the Central Bank reviews databases for transactions and contracts with sanctioned entities and informs banks to halt such operations. “This process is well-established, so I do not see major risks. There is no basis for concern at present,” Ishmetov summarized.
Meanwhile, the European Commission is expected to present its 19th sanctions package on 12 September. According to media reports citing Reuters, the restrictions may affect two banks from Central Asian countries, six Russian banks, energy companies, Russian payment and credit systems, as well as cryptocurrency exchanges.