Central Asian banks refuse to accept payments from Russian companies

The refusal of payments through Central Asian banks increased by 30% in July alone, and the processing time for transactions increased by 15%, reaching two weeks.

This situation is associated with stricter compliance measures by banks in these countries — they require more additional documents and explanations, including information about the company, their founders, clients, sources of funds, and transaction details, said Roman Romashevsky, the financial director of PEC transport company. He clarified that the problem intensified in the second quarter of 2024, even affecting settlements in local currencies.

Payments for a small batch of goods worth $10,000 may easily pass through a single bank, but operations worth $50,000 are being rejected, said Tatyana Alexeeva, the Director General of Logita Trade.

"More problems arise when payments for goods are made through Central Asian banks to other countries, including China," said Anna Fomicheva, co-founder of Digital VED. Banks explained these refusals as efforts to avoid being blacklisted due to U.S. sanctions.