Kyrgyzstan imposes new rules on transit payments for goods from Europe and China
Kyrgyzstan closes loopholes for Russia to circumvent sanctions (Photo:economist.kg)
Kyrgyzstan has introduced new regulations requiring guarantees for transit payments to China and Europe, aiming to prevent the circumvention of sanctions against Russia, The Moscow Times reported on Sept. 30, citing reports from importers.
Banks in Kyrgyzstan are requiring senders of payments to China and Europe to sign a guarantee document confirming the delivery of goods to the republic within 60 days starting Sept. 25.
The Moscow Times reports this information, citing importers and participants in thematic chats on foreign economic activity.
A decree by the National Bank of Kyrgyzstan, adopted at the beginning of the month, comes into force on Sept. 30. This decree introduces a one-year ban on paying for goods, works, and services to foreign companies outside the country without the actual delivery of products to the republic. Exceptions are made for certain state-owned companies approved by the government.
A delegation from the U.S. Department of the Treasury visited Bishkek in August and demanded that Kyrgyz banks stop providing services to Russia to circumvent sanctions, threatening them with disconnection from SWIFT and potential restrictions on dollar transactions, according to tax expert Mikhail Zhukhovitsky.
Experts believe that the National Bank of Kyrgyzstan's decree, titled "On Ensuring Economic Security and Maintaining Financial Stability," effectively prevents the use of a payment scheme where goods are paid for and then delivered to Russia, as reported by the publication citing its sources.
The Turkish authorities recently stated that they do not plan to discuss the resumption of the Russian payment system Mir in the country.
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