More Financial Sanctions Against Russia on the Horizon

Written by Camilla Jessen

Feb.16 - 2024 2:43 PM CET

Photo: Sandor Szmutko /
Photo: Sandor Szmutko /
Uzbekistan has taken steps towards introducing financial sanctions against Russia.

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After discussions with EU and USA officials, Uzbekistan's banks have tightened restrictions on Russian customers.

The Uzbek Parliament is moving forward with a new law that will ban banking services for people and companies facing international sanctions.

This change puts Uzbekistan in line with worldwide sanctions on Russia.

"The initiative was proposed due to the risks of applying secondary sanctions against Uzbekistan - i.e. measures for violation of the sanctions regime. The draft law, which was prepared taking into account the experience of the Czech Republic, Latvia and Estonia, which joined the sanctions, grants additional powers to the national Central Bank," Uzbek authorities stated.

Uzbekistan has become important for shipping goods to Russia and has welcomed many Russians and their money after the conflict in Ukraine started.

But things changed when Uzbek banks began to limit services for Russians under sanctions, stopping their transactions.

Recent steps, like stopping money transfers to and from Russia, show Uzbekistan's increasing effort to stick to international sanctions.

There are also signs that Russia has been trying to get around these sanctions in Uzbekistan, especially for buying drone parts and setting up drone-making businesses with parts from abroad.

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