The sanctions imposed against Russia and some Kyrgyz companies will not have a large-scale negative impact on the domestic economy. Minister of Economy and Commerce, Bakyt Sydykov, shared this opinion with 24.kg news agency.
According to him, the direct impact of the latest sanctions will be limited. Of course, ignoring them would be wrong.
«In recent years, Kyrgyzstan has been striving to live independently,» the minister said.
He also recalled that various restrictions against Russia have been in place for several years. At the same time, Kyrgyzstan’s economy has demonstrated considerable resilience.
«We have been living in this reality for four years already. We do not observe any extremely strong or immediate effects. We expect positive economic dynamics to continue,» he added.
The United Kingdom recently expanded its sanctions list to include three Kyrgyz entities: Eurasian Savings Bank OJSC, State Brokerage Company OJSC, and Virtual Asset Issuer OJSC (USDKG). According to London, these organizations provided financial services to individuals linked to strategic sectors of the Russian economy or may have facilitated financial support for the Russian government.
Previously, Kyrgyzstan’s financial institutions such as Keremet Bank and Capital Bank had already been subject to U.S. and UK restrictions, accused of facilitating operations through the crypto assets and payment systems sector.
In response to external pressure, the Ministry of Justice has begun applying protective mechanisms, suspending the operations of 50 companies whose activities were deemed high-risk in terms of secondary sanctions exposure. The names of these firms have not been officially disclosed.
