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    Uzbekistan

    Demand for Uzbek banks increases after inflow of Russian migrants

    Demand for Uzbek banks increases after inflow of Russian migrants

    The Financial Times recently reported on how Russians are seeking fake solutions to bypass sanctions, Financial Times reports.

    Source: "Daryo" / Madina Nurman

     

    After Uzbekistan stopped accepting Russia's MIR cards in September 2022, Russians started discussing ways to circumvent the ban.

    To promote business opportunities, Uzbekistan launched a Telegram channel promoting how easy it is for Russians to travel to the country, open a bank account, and obtain an internationally usable credit card. The channel has approximately 27,000 subscribers and was opened two weeks after the start of the war between Russia and Ukraine.

    Despite sanctions, Russians are still able to access international trade, as evidenced by the fact that deposits in Uzbekistan are projected to reach $5.3bn in 2022, twice the rate of growth from the previous year. Many Russians have crossed the border and opened bank accounts in Central Asia, including Uzbekistan, according to Anton Usov, the chief representative of the European Bank for Reconstruction and Development for Central Asia and Mongolia.

    Source: Financial Times

     

    Deposits in the Commonwealth of Independent States (CIS) countries have increased dramatically, while deposits in Russia are decreasing.

    Due to the sanctions, the easiest way for Russians to receive a salary from foreign companies or obtain an international card for global spending is to go to a nearby country, including Uzbekistan. This trend is expected to continue in 2023, with 1 million Russians projected to travel to Uzbekistan for various purposes, TASS informs.

    11.04.2023, 11:59   Comments (0)   1312
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