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Economy

EcoIslamicBank's EU ban takes effect today, unmentioned in Bishkek

The European Union's transaction ban on EcoIslamicBank enters force today. It was listed on 23 July in the twenty-first sanctions package, for using Russia's financial messaging system to help Moscow work around sanctions, with a wind-down of roughly three weeks.

EcoIslamicBank's EU ban takes effect today, unmentioned in Bishkek

The Council's own press release of 23 July names a Kyrgyz bank and three other non-Russian banks without naming any of them, and carries no reference to 13 August. That date comes from Kloop and the Times of Central Asia, both on 24 July, and from Akchabar, which identifies the bank. The desk could not locate the annex that sets it: Regulation 2026/1844 mentions neither the bank nor the country nor the date, which leaves 2026/1846 and 2026/1848 as the candidates. Treat the date as well corroborated in the press and unverified against the Official Journal.

The National Bank of the Kyrgyz Republic answered on 28 July that the sector is stable, adequately capitalised and holds sufficient liquidity, and that it will act if necessary. It did not address today's date, and has published nothing on 12 or 13 August. Three Kyrgyz banks now sit on EU lists.

At 07:00 Moscow time no Kyrgyz outlet had carried anything about the ban taking effect.