Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is considering the possibility of introducing a ban on opening bank accounts for persons under economic sanctions. The Legislative Chamber of the Oliy Majlis approved the corresponding bill in the first reading.

This bill is proposed to establish a system of sanctions control in local banks and determine its legal basis.

The document stipulates amendments to the law on the Central Bank, establishing requirements for managing risks associated with economic sanctions in credit and payment institutions. In addition, the bill establishes penalties for failure to comply with these requirements and creates a legal framework for risk management.

Currently, in Uzbekistan, there are no regulations regulating and controlling risks associated with economic sanctions. This allows sanctioned individuals to open bank accounts in Uzbekistan and conduct financial transactions.

This gap in legislation entails the risk of sanctions against the entire banking system and individual banks, as well as possible violations of relations with foreign correspondent banks and restrictions on entry into international financial markets.