Uzbekistan’s banks continue processing Zolotaya Korona remittances despite sanctions

Speaking at a press conference in Tashkent, Otabek Tojiddinov, head of a department at the Central Bank, said Uzbek citizens continue to receive remittances through the international money transfer system under normal procedures.

International remittances to Uzbekistan totaled $9.3 billion in the first half of 2026, up 13% compared to the same period last year. Of that amount, nearly $2.4 billion was transferred through the Zolotaya Korona payment system.

Tojiddinov noted that Zolotaya Korona is used not only in Russia but also in South Korea, Turkey, Kazakhstan and European Union member states.

"It is natural for our citizens to see the name Zolotaya Korona in advertisements or promotional campaigns run by banks in Uzbekistan. The system itself, as an international money transfer operator, has not been placed under sanctions. The restrictions apply to its correspondent bank that provides technical services," he said.

According to the Central Bank, the situation is being closely monitored. Uzbek banks continue to disburse remittances to customers using Zolotaya Korona's collateral deposits, while recipients may withdraw funds in any available currency.

Tojiddinov said Uzbekistan has no intention of exposing itself to the risk of secondary sanctions. To address the issue, negotiations are underway with Zolotaya Korona's management to transfer its technical operations to another bank that is not subject to sanctions.

"The transition to a new operator is planned for next week, after which the system is expected to continue operating as usual. The situation could have a noticeable impact on Uzbekistan, but the Central Bank and commercial banks are taking the necessary measures to resolve it promptly," he said.

On July 23, the European Union approved its 21st package of sanctions against Russia, targeting the energy, financial and cryptocurrency sectors. The measures include freezing the assets of 94 Russian banks and financial institutions and prohibiting financial transactions with them.

The sanctions also targeted RNKO Platezhny Tsentr LLC, the operator and settlement center of the Zolotaya Korona payment system, as well as Sifra Bank, which handled part of the system's international money transfers. Following the sanctions, Zolotaya Korona suspended transfers from Russia to Georgia, Armenia and several other countries. The company's support service confirmed that some transfer routes are no longer available.