Kyrgyz authorities have shut down three companies — Shisan, Rama Group and Nova Project — that were included in the European Union’s 21st sanctions package against Russia.
The license of another company involved in cryptocurrency operations has also been revoked, Economy Minister and Special Presidential Representative for Sanctions Policy Bakyt Sydykov said, according to Economist.kg.
Sydykov said an interagency working group had identified around 40 companies whose operations posed heightened sanctions risks since late June. Government agencies are now completing their reviews of those businesses and have been given one week to finish the process.
According to the minister, Kyrgyzstan’s measures have received a positive response from international partners because they are intended to prevent the circumvention of sanctions imposed by the United States, the United Kingdom and the European Union.
He did not disclose the names of the other companies under review or specify the sectors in which they operate.
Bank denies dealings with sanctioned entities
EcoIslamicBank, which was also included in the EU’s 21st sanctions package, said it does not cooperate with companies or individuals on sanctions lists.
The bank said all transactions are conducted in accordance with its internal compliance procedures and international financial monitoring requirements. It plans to provide further details about its existing oversight mechanisms in the near future.
The National Bank of Kyrgyzstan said the inclusion of a domestic bank on the sanctions list had not affected the stability of the country’s financial system.
According to the national financial regulator, commercial banks have sufficient liquidity and the financial sector continues to operate normally.
The central bank also said some international money transfer systems had been temporarily suspended while further operations were coordinated with foreign partners and brought into line with international payment-system requirements.
The regulator said the situation remained under control.
Authorities previously targeted 50 companies
In May, Kyrgyz authorities announced that liquidation proceedings had been initiated against 50 legal entities whose activities were considered to pose elevated sanctions risks.
Officials said at the time that the measures followed consultations with representatives of the United States, the United Kingdom and the European Union.
