Rumors about Uzbekistan’s joining financial sanctions against Russia refuted
According to the Legislative Chamber of Oliy Majlis, the procedures provided for in the draft law related to economic sanctions exist in almost all countries of the world. Its purpose is to prevent secondary sanctions against national financial institutions themselves.
News that the Uzbek government has decided to join financial sanctions against Russia has spread on social networks. The Budget and Economic Reforms Committee of the Legislative Chamber of Oliy Majlis provided official information on the contents of the draft law.
Reportedly, at the meeting of the Legislative Chamber of Oliy Majlis on February 13, 2024, the draft law “On amendments and additions to certain legal documents of the Republic of Uzbekistan in connection with the improvement of risk management mechanisms related to economic sanctions” was considered in the first reading. This bill was introduced by the Cabinet of Ministers on December 29, 2023.
“Today, the use of economic sanctions by various countries, international organizations and financial institutions has become a reality of the present time in international economic relations.
However, the national legislation of the Republic of Uzbekistan does not have a legal basis for regulating and controlling the risks associated with the use of secondary economic sanctions in the activities of credit and payment organizations.
In such circumstances, each credit and payment organization determines these risks based on its own needs and visions, and imposes restrictions on clients at the level and scope it likes. Such situations lead to subjective approaches to residents and non-residents of the Republic of Uzbekistan in opening bank accounts and conducting banking operations, as well as violation of the legal rights of customers.
Based on this, the draft law envisages giving the Central Bank of the Republic of Uzbekistan the authority to establish uniform requirements for the management of risks related to economic sanctions by credit organizations, payment organizations and payment system operators.
This serves to increase the efficiency of state policy in the banking sector, to create a mechanism of a unified, unified approach of credit and payment organizations in working with customers, as well as to strengthen the confidence of the population and international financial institutions in the banking system of our country,” the report reads.
According to the Committee, this bill is not directed against any country. Almost all countries of the world have a procedure provided for in the project, the purpose of which is to prevent secondary sanctions against national financial organizations themselves.
Recommended
List of streets and intersections being repaired in Tashkent published
SOCIETY | 19:12 / 16.05.2024
Uzbekistan's flag flies high on Oceania's tallest volcano
SOCIETY | 17:54 / 15.05.2024
New tariffs to be introduced in Tashkent public transport
SOCIETY | 14:55 / 05.05.2023
Onix and Tracker cars withdrawn from sale
BUSINESS | 10:20 / 05.05.2023
Latest news
-
Gov’t introduces new measures to support low-income families through subsidies and employment initiatives
SOCIETY | 19:17
-
Surkhandarya governor allocates 661 million UZS to reward local officials for Homeland Defenders Day
POLITICS | 19:15
-
Legislators pass bill aimed at preventing torture
SOCIETY | 19:14
-
Presidential decree targets employment and income growth for 5.2 million people in 2025
SOCIETY | 19:13
Related News
15:59 / 14.01.2025
The Diplomat: Secret plot targeting Uzbek officials through U.S. sanctions fails
16:20 / 09.01.2025
Uzbekistan plans to launch direct bus routes to China and other countries
17:17 / 08.01.2025
Over 80,000 migrants deported from Russia in 2024 for immigration violations
19:57 / 06.01.2025