15 Apr 2022 20:51

Uzbekistan concerned about possible risks associated with operations with sanctioned Russian banks

TASHKENT. April 15 (Interfax) - Uzbekistani authorities have asked the country's central bank and lenders to advise clients on the risks associated with making transactions involving Russian banks sanctioned by the West, the Uzbek banking sector regulator's press service said in a statement on Friday.

"The government commission has requested the Central Bank and banks to conduct work together with local businesses to determine whether the banks of foreign partners may be sanctioned, and to forge a system for informing businesses prior to making any export/import operations," the regulator's statement said.

In this regard, several Uzbek lenders earlier published information on their websites about a suspension of international payments in foreign exchange, except for transactions denominated in Russian rubles, involving several Russian banks subject to Western sanctions.

In early March, the European Union moved to disconnect seven Russian banks, including VTB , Otkritie, Promsvyazbank , Rossiya Bank, Novikombank, Sovcombank and VEB state corporation, from the financial messages transmitting system SWIFT. Later in April, the EU expanded sanctions against VTB, Sovcombank, Novikombank and Okritie. EU sanctions against individuals imply the freezing of all assets belonging to sanctioned people across the EU.

Great Britain introduced sanctions in relation to Russia's Gazprombank , Russian Agricultural Bank (Rosselkhozbank), and Alfa-Bank. Export Insurance Agency of Russia (EXIAR), Ural Bank for Reconstruction and Development and SMP Bank also found themselves on the sanction list.