Kyrgyzstan President Sadyr Japarov has denounced the politicization of economic cooperation and trade and demanded the lifting of sanctions imposed on two Kyrgyz banks.
Speaking at the 80th Session of the UN General Assembly in New York on September 23, Japarov stated that Kyrgyzstan is also suffering from the consequences of the Russian-Ukrainian conflict and that unilateral sanctions have a negative impact on his country “that is just getting back on its feet.”
Japarov’s remarks related to two state-owned banks – Keremet Bank and Capital Bank – and allegations that they helped Russia avoid international sanctions.
In August, Britain announced sanctions against Capital Bank and its director, Kantemir Chalbayev, as part of a growing crackdown on financial networks allegedly being used by Russia to get around international restrictions and fund the war in Ukraine.
In January 2025, the U.S. Treasury Department imposed sanctions on Keremet Bank for its alleged involvement in circumventing economic restrictions against Russia through a secret channel allegedly used to re-export dual-use goods.
Japarov declared that “we regard unjustified sanctions as interference in the internal affairs of the country and as pressure that hinders the development of our still emerging economy.”
According to Japarov, Kyrgyzstan has strictly fulfilled and will fulfill its international obligations and is ready to accept independent international audits to thoroughly check the activities of Kyrgyz banks.
Japarov criticized western nations for their double-standard policies toward Russia. “In 2024, the countries of the European Union carried out trade with Russia in the amount of $141 billion, including $36 billion of imports from Russia. And Great Britain, which imposed sanctions against two of our banks, in the same year conducted trade with Russia in the amount of $2.2 billion. Frankly speaking, someone reserves the opportunity to cooperate with Russia, defending their own interests, but forbids others to do so. There is a saying: ‘Before you demand something from others, be an example yourself.’ You ask us not to cooperate with Russia, but you yourself are actively developing trade and economic ties with it. We have many more economic relations with Russia than you do. Therefore, in economic terms, we cannot refuse to cooperate with Russia,” the Kyrgyz president said.
