Kyrgyzstan Condemns European Union Sanctions Against Its Banks Related To Russia, Urges Dialogue

UNSPLASH/Guillaume Périgois ILLUSTRATION

JAKARTA - Kyrgyzstan voiced regret at the inclusion of several Kirgistan entities on the European Union's latest list of Russian sanctions. The EU move is referred to as " unilateral sanctions pressure".

The Central Asian Ministry of Foreign Affairs stated that Kyrgyzstan strictly adheres to its international obligations and seeks "open and constructive dialogue" with EU partners to prevent the risk of sanctions avoidance.

The ministry invited Brussels to start an independent audit.

As reported by Reuters on Friday, October 24, the sanctions, part of the European Union's 19th package in response to Russia's invasion of Ukraine, targeted several banks and companies, including two Kyrgyzstan banks, Tolubay Bank and Eurasian Savings Bank. Two banks in neighboring Tajikistan are also subject to sanctions.

Three other Kyrgyzstan banks have previously been sanctioned by Western countries, including the US and UK, for facilitating Russian sanctions avoidance.

Several sanctions have targeted the A7A5, ruble's stablecoin launched in Kyrgyzstan. Britain said in August it had moved $9.3 billion in four months.

The central bank said it was assessing the impact of the new measures on the country's financial system.

The European Union and the United States are increasingly tightening surveillance of financial flows through Central Asia, which Western officials say has become the main transit hub for goods and funds avoiding restrictions in Moscow.

The Kyrgyzstan economy has grown rapidly since the war began, growing 10% year-on-year in the first nine months of 2025, mainly thanks to rapid trade with Russia and a surge in money transfers from migrant workers.

Speaking at the UN General Assembly in September, President Kirgistan Sadyr Japarov called sanctions against his country a "mixture in domestic affairs".

Under Japarov, a populist and nationalist, Kyrgyzstan has taken a position that is generally pro-Russian in the Ukraine conflict.