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    Expressed Objections: Central bank of Uzbekistan on U.S. sanctions against "Akhangarancement"

    Expressed Objections: Central bank of Uzbekistan on U.S. sanctions against "Akhangarancement"

    Uzbekistan's Presidential task force has expressed concerns to the United States about sanctions against the major cement plant "Akhangaransement", Gazeta.uz has reported.

     Expressed Objections: Central Bank of Uzbekistan on U.S. sanctions against "Akhangaransement"
    Source: nuz.uz

    The task force, led by Deputy Prime Minister Jamshid Khojaev, visited the U.S. recently. The Central Bank's Chairman, Mamarizo Nurmuratov, informed  that during their visit, they raised objections and concerns regarding specific issues.

    The current operations of "Akhangaransement" are proceeding smoothly, and they emphasized no restrictions on the plant's operations in the national currency. While dollar transactions will continue, they will assess export matters individually.

    In April, the U.S. sanctioned "Akhangarancement" and Akkermann Cement CA, a company within USM's holdings, owned by Russian citizen Alisher Usmanov. The U.S. Office of Foreign Assets Control (OFAC) granted a license for transactions with certain sanctioned companies, including Akkermann Cement CA, until July 11.

    Nurmuratov noted that "Akhangarancement" is a major taxpayer and employer and stated that the introduction of sanctions is a cause for concern. He clarified that while the sanctions do not lead to an immediate cessation of operations, they are working with the U.S. Department of Treasury on this matter.

    In May 2021, Cyprus-based Lamanka Enterprises acquired an 84.197% stake in "Akhangarancement" In January 2022, Lamanka Enterprises and Giacinttar from the British Virgin Islands announced the sale of their shares in "Akhangarancement" for UZS 1.88 trillion ($160 mn)

    Later, it was revealed that the purchaser of the shares was Akkermann Cement CA.

     

     

    10.08.2023, 20:11   Comments (0)   679
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