The Central Bank outlined the measures being taken to counteract Western sanctions.

Uzbekistan, Tashkent – According to AN Podrobno.uz, the Chairman of the Central Bank, Mamariyo Nurmuratov, discussed the efforts being made to mitigate sanction-related risks, as reported by a Podrobno.uz correspondent.

https://podrobno.uz/cat/economic/v-tsb-rasskazali-o-predprinimaemykh-merakh-po-predotvrashcheniyu-zapadnykh-sanktsiy-/2024-11-06 08:12:37

At the press conference on October 31, Nurmatov emphasized that the Central Bank is highly concerned about potential risks. As a result, two government commissions have been established. One is monitoring export-import operations for sanction risks, while the other focuses on monetary transfers.

Additionally, he pointed out that enhanced control over sanction compliance is being implemented in Uzbekistan. Specifically, operations of the Uzbek companies Uzstanex and The Elite Investment Group, which were placed under U.S. sanctions on October 30, were suspended as early as summer.

The chairman of the Central Bank also noted that banks in Uzbekistan independently set rules for exporters and importers based on the requirements of the Office of Foreign Assets Control (OFAC) and the European Union. According to him, this somewhat helps to reduce sanction risks.

Meanwhile, the Central Bank is working on retrieving $4.6 billion that has been frozen by banks.

"This did not happen due to the imposition of sanctions. The banks froze the funds or did not process the payments. For these cases, we are working directly with OFAC and will take measures to return them to their owners," emphasized Mamarizo Nurmuratov.