Kyrgyzstan is unlikely to face serious secondary sanctions related to circumventing anti-Russian measures due to the conflict in Ukraine. This was stated by the economist of the Asian Development Bank (ADB) Jules Hugo during the presentation of the "Asian Development Outlook (ADO) for April 2024" in Bishkek, Eurasia Today reports.
Hugo clarified that while some individual companies may be subject to sanctions for re-exporting "sensitive" materials, comprehensive sanctions against the country are not anticipated.
"In the past, there have been precedents in Armenia, Uzbekistan, and Georgia, but we do not expect widespread sanctions against the Kyrgyz Republic," he added.
Zheng Wu, the director of the ADB's resident mission in Kyrgyzstan, speaking about the financial sector of Kyrgyzstan, emphasized that the country's banks are already taking active steps to minimize risks, including diversifying correspondent accounts in various international banks.
ADB economist Liliya Alexanyan added that several banks in the Kyrgyz Republic have already established correspondent relationships in other countries. Previously, most banks had such accounts in Russia.
The Asian Development Bank was established in 1966. Its shareholders include 68 countries, 49 of which are located in the region.
What do Western experts think about sanctions against Kyrgyzstan?
In March of last year, the EU Special Representative for Sanctions, David O'Sullivan, stated that he visits countries involved in bypassing EU sanctions imposed against Russia due to the war in Ukraine. He raised the issue of increased foreign trade turnover in Kyrgyzstan: "There was a 300% growth. We want to know: have your demands and appetites increased or are goods being exported to Russia, which in turn will lead to problems?"
In April 2023, the head of the Sanctions Directorate of the UK Foreign and Commonwealth Office, David Reid, visiting Kyrgyzstan, said the following: "We do not urge Kyrgyzstan to isolate itself from Russia. We ask Kyrgyzstan to work with us to reduce the volume of exports of goods that could be used in Russia's military actions in Ukraine."
In May of last year, MPs from the UK arrived in Kyrgyzstan. They stated that "the West is closely monitoring the enforcement of sanctions." And on January 24-25, 2024, representatives of the Sanctions Directorate of the UK Foreign and Commonwealth Office discussed the list of sanctioned goods included in the common list of dual-use items.
CentralasianLIGHT.org
April 12, 2024