Kyrgyzstan has established new regulations regarding transit payments for goods imported from Europe and China, effective September 30. Under these rules, banks in Kyrgyzstan will require senders of payments to sign a guarantee document confirming that goods will be delivered to the country within 60 days.
The requirement for a guarantee document is part of a decree issued by the National Bank of Kyrgyzstan earlier this month. This decree prohibits payments for goods, works, and services to foreign companies without the actual delivery of products to Kyrgyzstan for one year. Notably, exceptions will be made for specific state-owned companies that receive government approval.
In August, a delegation from the U.S. Department of the Treasury visited Bishkek and urged Kyrgyz banks to cease providing services to Russia that could facilitate the circumvention of sanctions. They cautioned that non-compliance could lead to disconnection from the SWIFT payment system and possible restrictions on dollar transactions, as noted by tax expert Mikhail Zhukhovitsky.
The National Bank of Kyrgyzstan’s decree, titled "On Ensuring Economic Security and Maintaining Financial Stability," aims to mitigate the use of payment schemes whereby goods are purchased and subsequently delivered to Russia.
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