Kyrgyzstan criticizes EU sanctions on its banks over Russia links, calls for dialogue
Kyrgyzstan condemned the EU’s latest sanctions targeting its banks for alleged ties to Russia, calling them “one-sided” and inviting Brussels to conduct an independent audit. The Central Asian nation seeks dialogue to avoid sanctions-evasion risks.
Kyrgyzstan expressed regret on Friday over the inclusion of several of its banks in the European Union’s latest sanctions package against Russia, calling the move “one-sided sanctions pressure,” News.Az reports, citing Reuters.
In a statement, the Kyrgyz foreign ministry emphasized that the country “strictly observes its international obligations” and is committed to open and constructive dialogue with EU partners to prevent potential sanctions-evasion risks. The ministry also invited Brussels to initiate an independent audit of the affected institutions.
The EU’s 19th sanctions package, part of its response to Russia’s ongoing invasion of Ukraine, targets multiple banks and companies, including Kyrgyz lenders Tolubay Bank and Eurasian Savings Bank. Two banks in neighboring Tajikistan were also sanctioned.
This is not the first time Kyrgyz banks have been sanctioned. Three other local banks have previously faced restrictions from the U.S. and U.K. for allegedly facilitating Russian sanctions evasion. Some measures have also targeted A7A5, a rouble-pegged stablecoin launched in Kyrgyzstan, which Britain said had moved $9.3 billion in just four months.
The Central Bank of Kyrgyzstan is currently assessing the potential impact of the new sanctions on the country’s financial system.
Western authorities have increasingly scrutinized financial flows through Central Asia, which they view as a key transit hub for goods and funds circumventing restrictions on Moscow. Despite this, Kyrgyzstan’s economy has grown sharply, expanding 10% year-on-year in the first nine months of 2025, fueled by booming trade with Russia and increased remittances from migrant workers.
At the U.N. General Assembly in September, Kyrgyz President Sadyr Japarov criticized sanctions against his country as “interference in the country’s internal affairs.” Under Japarov, a populist nationalist, Kyrgyzstan has generally taken a pro-Russian stance on the Ukraine conflict.
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