Central Bank chief comments on sanctions risks and efforts to recover $4.6 million in frozen funds

"We are quite alarmed by the situation. The government and the president have established two commissions: the first monitors export and import operations for sanction-related risks, while the second focuses on money transfers," he stated.

The Central Bank head highlighted the rigorous control measures in place for sanctions compliance in Uzbekistan. Notably, operations of local companies Uzstanex and The Elite Investment Group were halted as early as this summer after being placed under U.S. sanctions on October 30.

Uzbek banks have independently implemented rules for exporters and importers, aligning with the requirements of the Office of Foreign Assets Control (OFAC) and the European Union. Nurmuratov emphasized that this approach has helped mitigate sanctions risks to a certain extent.

He also addressed the issue of $4.6 million in frozen funds, clarifying that the freeze is not a direct result of sanctions. "The funds were frozen or payments were not processed by the banks, not due to sanctions. We are in direct contact with OFAC to resolve these matters and will take necessary steps to return the funds to their rightful owners," he concluded.