Central Bank of Uzbekistan Strengthens Oversight to Prevent Secondary Sanctions

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is paying special attention to preventing exposure to secondary sanctions, said Chairman of the Central Bank Timur Ishmetov.

According to him, in recent years the banking sector has significantly strengthened its sanctions compliance, and efforts in this direction will continue.

Ishmetov emphasized that the regulator has clearly communicated to banks and the public its firm position that it is unacceptable to engage in transactions involving goods, organizations, or banks under sanctions.

He noted that strict regulatory oversight has prevented any Uzbek bank from falling under secondary sanctions.

The head of the Central Bank added that supervision over compliance with sanctions regulations will continue in a rigorous manner.