The UK has imposed sanctions on a company linked to the Kyrgyz Ministry of Finance

On 8 October, the UK expanded its sanctions list against Russia. It includes 23 companies, three individuals and 12 vessels. Among the companies was ‘Processing KJ’, registered in Kyrgyzstan.

This is one of the most significant entries on the new list for Kyrgyzstan. ‘Processing KJ’ operates in the field of payment infrastructure and international settlements. The National Bank lists the company in its register of payment organisations, and its chairman of the board is Ulan Bukabaev.

The company has links to the state. In July 2025, the Kyrgyz Ministry of Finance became its sole shareholder following the transfer of shares from the State Development Bank and ‘Alfa Telecom’.

The British authorities have also imposed personal sanctions against Ulan Bukabaev. Companies included on the list are subject to an asset freeze. As for Bukabaev himself, in addition to the asset freeze, he is barred from entering the UK.

The UK notification states that the authorities have grounds to believe that the activities of ‘Processing KG’ are of economic significance to the Russian government. However, the sanctions have been imposed directly against the company and do not imply the imposition of restrictions on the entire financial system of Kyrgyzstan.

In addition to ‘Processing KG’, another company from Kyrgyzstan – ‘TokenSpot’ – has been added to the new list. According to the British authorities, its activities are linked to the Russian financial sector.

The UK list also includes the Russian companies ‘Zarubezhneft’, ‘INK-Capital’, ‘Stolichny Kredit’ Bank, ‘Prime Top’, ‘Albion’ and ‘Sidas Plus’, as well as companies from Canada and Turkey.

Separately, 12 vessels have been subject to sanctions; the British authorities link them to the transport of Russian oil and petroleum products to third countries. Restrictions have been imposed on these vessels regarding entry into British ports and the provision of certain services.