$4.6 Mln Frozen in Uzbek Banks

Assets worth $4.6 million have been frozen in Uzbekistan’s financial institutions. This was reported by the chairman of the Central Bank of Uzbekistan, Mamarizo Nurmuratov, in response to questions about sanctions against Uzbek companies.

He says two commissions are operating in the republic to address sanction-related issues. The first assesses the likelihood of export-import operations falling under sanction risks. The second monitors issues related to money transfers and payments. He emphasised that the oversight of these processes is quite significant.

For instance, payments to two organisations in Uzbekistan were suspended over the summer, and it has now been officially announced that they have been subjected to sanctions.

“Based on the sanction requirements from OFAC and the European Union, our banks impose internal requirements on each exporter and importer. The work carried out under these requirements somewhat reduces the risk of sanctions,” Nurmuratov said.

“We currently have frozen funds totalling $4.6 mln. This is not related to the imposition of sanctions; it concerns frozen assets in banks,” said the chairman of the Central Bank.

He added that the Central Bank is in direct contact with OFAC and will work to return these funds to their owners.

Kursiv Uzbekistan also reports that the Central Bank outlined risks associated with currency bonds.