Around 40 companies with heightened sanctions risks have been identified in Kyrgyzstan

Since the end of June, an inter-agency working group has identified around 40 companies whose activities are associated with heightened sanctions risks. These organisations are currently being investigated, following which decisions will be taken in accordance with Kyrgyz legislation.

This was announced at a meeting on compliance with international sanctions regimes, held on 27 July by Bakyt Sydykov, the President of the Kyrgyz Republic’s Special Representative for Special Assignments.

According to him, representatives of the UK Foreign Office and the US Department of the Treasury have welcomed Kyrgyzstan’s steps to prevent the circumvention of international sanctions. In particular, they noted progress in scrutinising high-risk companies and the strengthening of cooperation between state bodies

Over the past three weeks, the authorities have already taken a number of measures to reduce sanctions-related risks. In accordance with established procedures, the operations of three companies – Shisan LLC, Rama Group LLC and Nova Project LLC – have been suspended. In addition, one cryptocurrency company has had its licence revoked.

Representatives of EcoIslamic Bank CJSC spoke separately at the meeting, stating that the bank does not provide services to individuals or legal entities subject to international sanctions and operates in accordance with compliance control requirements and international financial monitoring standards. The bank will shortly provide further information on its current control procedures to its Western partners.

Following the meeting, government bodies were instructed to complete inspections of the identified companies within a week. The authorities also confirmed their intention to further strengthen the export control system, improve inter-agency coordination and cooperate with international partners to prevent the circumvention of sanctions regimes via Kyrgyz territory.