Since the end of September, the National Bank of Kyrgyzstan has banned the country’s banks from making settlements under contracts without actual delivery of goods to Kyrgyz territory. The decision was taken against the background of problems experienced by Russian companies with payments via Kyrgyzstan.
“To establish a one-year restriction on the ability of organisations supervised by the National Bank to accept payment orders for execution and otherwise settle contracts concluded by other persons, the subject of which are goods, works and services coming from or going to foreign countries without actual delivery to the territory of the Kyrgyz Republic, with the exception of authorised state companies determined by the Cabinet of Ministers of the Kyrgyz Republic,” the resolution reads.
For more on what the Central Bank of Kyrgyzstan’s ban could mean, see Nordic Star Law Offices Managing Partner Andrei Gusev commentary for RBC (https://lnkd.in/d5m9KKnb).