President Sadyr Zhaparov, responding to the sanctions imposed by the British and US governments on some banks in Kyrgyzstan, stated that there is no evidence that Kyrgyz banks are involved in circumventing Western restrictions against Russia. The head of state considered such countermeasures by Western countries against Kyrgyzstan as a sign of politicization of the economy.
-Hello, Sadyr Nurgozhoevich! This time we would like to get answers to questions related to the financial system of our country.
The Government of the United Kingdom has announced the imposition of sanctions against the bank - Central Asian Capital Bank. The reason given was that this financial institution allegedly may facilitate the circumvention of sanctions imposed by Western countries against Russia. In January, it became known that the United States had imposed sanctions against Kyrgyzstan's Keremet Bank.
In your previous interviews, you emphasized that Kyrgyzstan does not help to circumvent sanctions imposed against Russia.
How would you comment on these measures now? How might this affect Kyrgyzstan?
- Yes, you are right. In January, the United States did indeed impose sanctions against Keremet Bank, claiming that it could allegedly be involved in sanctions circumvention.
However, they were unable to present a single fact of violation. And they will not be able to, because there are no such facts and never have been.
Today, 21 banks operate in Kyrgyzstan. To avoid the risk of any of them falling under sanctions, we decided that only the state-owned Keremet Bank would work with the Russian ruble. All operations are under state control, and the profit goes directly to the state budget.
Capital Bank also transfers its net profit in full to the state treasury.
After the U.S. sanctions were imposed, First Deputy Chairman of the Cabinet of Ministers, Daniyar Amangeldiev, invited U.S. Ambassador to Kyrgyzstan, Lesslie Viguerie, and asked him what was going on. He replied that the Office of Foreign Assets Control (OFAC) was aware of the matter.
After that, a delegation led by Amangeldiev visited the United States and met with representatives of OFAC.
We proposed to Ambassador Viguerie that independent auditing companies be invited to review the activities of Keremet Bank and Capital Bank, so that we could jointly examine the results and make a decision. However, they refused.
But even there they were unable to present a single concrete fact, only claiming that they allegedly had certain information.
But we know very well where this information comes from. It originates from local NGOs and our domestic ill-wishers, who send anonymous false reports there. And they continue sending them to this day.
Then, based on that false information, we were added to the sanctions list. But again, they could not present any evidence of that information they received. Our delegation discussed this issue both with OFAC and with U.S. Ambassador to Kyrgyzstan, Lesslie Viguerie, and we agreed that transactions in rubles would be carried out by Capital Bank, as this is also a 100% state-owned bank, under the control of the Ministry of Finance, and it reports openly. We explained the reason in detail.
We have about one million migrants in Russia who send billions of rubles home every day. These funds need to be converted and made accessible to people.
Now it turns out that, just as America imposed sanctions on Keremet Bank, the UK has also imposed sanctions on Capital Bank. And again, no facts -only suspicions. So I, too, have suspicions. After all, they can see that Kyrgyzstan’s economy is growing rapidly. For example, our GDP grew by 11.7 percent, putting us among the leading CIS countries. I believe this is precisely why pressure is being put on us. Great powers do not want other countries to develop quickly. They prefer that everyone look up to them and remain dependent on them.
That is why I would appeal to the top leadership of these countries: Donald Trump and Keir Starmer. Perhaps the real information is not reaching them.
The economy must not be politicized.
We are pursuing a multi-vector policy, cooperating with you as well in the economic sphere. For example, we sell about one billion dollars’ worth of gold to the UK annually. And under such circumstances, it is unfair to treat us in this way. Therefore, if you do not trust us, show your data. The bank is ready to provide all information openly.
- Will the sanctions against Central Asian Capital Bank hurt Russia, or only our country will suffer?
Russia will not be harmed by this.
Frankly speaking, Capital Bank will not suffer either. It will continue to operate under the control of the Ministry of Finance and bring profit to the state, just as before.
What changed when sanctions were imposed against Russia? On the contrary, after the sanctions they were able to boost their own production and agriculture to a high level. Products they previously imported, they now export. Oil and gas exports have continued as before.
For example, after sanctions were imposed on Russia’s Sberbank, its net annual profit in 2024 increased by 4.8% and exceeded 13 billion dollars.
Of course, sanctions have consequences in certain areas. But that does not mean the country will collapse. We analyze all this and see it clearly. The Western countries that impose sanctions also understand this. Moreover, they themselves continue to trade with Russia.
In 2024, European Union member states traded with Russia for 141 billion dollars. Specifically, European countries imported 36 billion dollars’ worth of goods from Russia. And the United Kingdom, which imposed sanctions on our bank, itself traded with Russia in 2024 to the tune of 2.2 billion dollars.
This means that we, too, have the right to cooperate with Russia to meet our own needs, doesn’t it?
As already mentioned, our banks mainly handle remittances from our compatriots working in Russia. This is also our necessity, just like for others.
Therefore, before making demands, one must set an example.
We are developing our economy with our own efforts. And such steps, which do not correspond to the spirit of partnership, can be regarded as interference in the internal affairs of the state.
I have always said and I repeat once again: we are ready to fulfill our international obligations. We have respected them, we respect them now, and we will continue to respect them.
But I will not allow the interests of our citizens and the trade and economic development of our country to be undermined. Even under sanctions pressure, our daily life will go on.
Interviewed by Director of Kabar news Agency Mederbek Shermetaliev