The Chairman of the Central Bank, Mamarizo Nurmuratov, commented on the risks of sanctions for Uzbekistan. He made this statement on October 31 at a press conference, as reported by a Spot correspondent.
“We are very concerned. The government and the president have formed two governmental commissions: the first monitors export-import operations for sanction risks, while the second focuses on money transfers,” he stated.
The head of the regulator noted that Uzbekistan is implementing strict control in the area of sanction compliance. For instance, operations of local companies Uzstanex and The Elite Investment Group, which were subjected to U.S. sanctions on October 30, were suspended last summer.
Uzbek banks independently establish rules for exporters and importers based on the requirements of the Office of Foreign Assets Control (OFAC) and the European Union. This “to a certain extent” helps to mitigate sanction risks, the official emphasized.
“We have $4.6 million in frozen funds, but not due to the imposition of sanctions. It is the banks that have frozen the funds or failed to process payments. For these cases, we are working directly with OFAC and will take measures to return them to their owners,” Mamarizo Nurmuratov concluded.
In October, the Deputy Minister of Foreign Affairs of Kazakhstan, Roman Vasilenko, opposed using the territory of the republic to circumvent sanctions. According to the diplomat, the Kazakh authorities are taking all necessary measures to avoid falling under secondary sanctions.
Previously, Spot reported that over the past nine months, the volume of money transfers to Uzbekistan increased by one-third.