EU Sends Kyrgyzstan Proposals To Remove Banks From Sanctions

(MENAFN- Trend News Agency) ** BISHKEK, Kyrgyzstan, February 27.** The European Union has presented Kyrgyzstan with specific proposals for further technical cooperation aimed at removing Kyrgyz banks from the sanctions list and preventing future financial risks, Trend reports, citing the press service of the Cabinet of Ministers of Kyrgyzstan.

This was stated by the EU Sanctions Envoy, David O’Sullivan, who visited Kyrgyzstan on a working trip during an expanded meeting with First Deputy Chairman of the Cabinet of Ministers of the Kyrgyzstan Daniyar Amangeldiev.

During the meeting, the parties continued exchanging views on sanctions-related issues. In this context, Daniyar Amangeldiev emphasized that Kyrgyzstan follows a pragmatic and professional approach to risk management and is consistently strengthening compliance measures, financial monitoring, and transparency of foreign economic operations.

The Kyrgyz side also noted that the effectiveness of export and financial controls requires shared responsibility among all participants in the foreign economic chain, including European exporters.

At the same time, the meeting emphasized the importance of European suppliers’ diligent compliance with their own export control requirements, conducting proper due diligence on counterparties, accurately documenting transactions, and providing a complete set of supporting materials necessary to verify the end user and the intended use of goods.

Special attention was paid to the work of the financial sector. The Kyrgyz side informed about practical steps to strengthen control mechanisms in commercial banks, including comprehensive transaction checks and the blocking of operations that pose compliance risks.

Additionally, the Kyrgyz side stressed the need to establish clear and transparent mechanisms, including unified risk assessment criteria, agreed procedures, and timely feedback, as well as the importance of using reliable, verified, and up-to-date information as the basis for decision-making and coordinated actions.

The meeting also noted the necessity of preparing a joint action plan and defining the further format of technical cooperation aimed at the phased resolution of issues related to restrictive measures concerning certain commercial banks.

In turn, David O’Sullivan, noting the high level of openness of the Kyrgyz authorities and their willingness to engage in direct dialogue on the most sensitive issues, emphasized that the transparency demonstrated is a key factor in building trust with European institutions and the international community.

The Special Representative stressed that the European Union expects further progress in strengthening export and financial control mechanisms.

At the conclusion of the meeting, the parties confirmed their readiness to continue practical dialogue and maintain ongoing working-level contacts.

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