Tashkent, Uzbekistan (UzDaily.com) -- The Russian bank Sovcombank cancels the deal on the purchase of Uzagroexportbank. This was reported by Podrobno.uz with reference to the first deputy chairman of the board of Sovcombank Sergey Khotimsky.

According to him, the sanctions imposed against Russia made it impossible to implement the deal. He noted that all subsidiary banks will also fall under the sanctions.

Sergey Khotimsky noted that the Russian bank would be happy to return to the Uzbek market as a lender after the situation with the sanctions is resolved.

“Now, unfortunately, we are forced to curtail most of our credit projects,” Khotimsky added.

In February 2022, it was announced that Sovcombank acquired a 100% stake in Uzagroexportbank for $4 million.