Central Asian banks hit by EU sanctions

Banks in Kyrgyzstan and Tajikistan have been included in the European Union's 19th package of sanctions against Russia. The document detailing the restrictions was published in the Official Journal of the European Union.

The restrictive measures reportedly apply not only to Russian companies and banks but also to business entities in Central Asia, China, India, and Thailand.

The sanctions list includes 21 individuals and 42 legal entities, in addition to several legal entities in Kyrgyzstan, Kazakhstan, and Tajikistan. These entities are suspected of assisting in the circumvention of previously imposed sanctions. The European Union has prohibited them from carrying out any financial operations with European partners and from using international payment systems.

The sanctions affect the operations of Kyrgyzstan's "Tolubay" and "Eurasian Savings Bank," as well as Tajikistan's "Dushanbe City Bank," "Spitamen," and "Commercial Bank of Tajikistan."

These restrictions will take effect on November 12 of this year. Sanctions against the payment service Payeer will also become effective on November 25.

The new sanctions package also targets five Russian banks, crypto exchanges, and companies involved in oil trade that have been operating through Kyrgyzstan, Kazakhstan, Tajikistan, the UAE, Paraguay, and Hong Kong. Furthermore, the export of roses, rhododendrons, and azaleas, as well as leaves, tree branches, plant parts without buds, grasses, moss, and lichens, to Russia is now prohibited. The European Union also banned the export of plastic toys with engines to Russia.

It is worth noting that the Energy Ministers of the European Union member states were expected to automatically approve a draft project that called for all member countries to renounce Russian gas. This initiative was opposed by Hungary and Slovakia, which argued that the decision could lead to significant financial losses. Moscow has strongly condemned such sanctions.