The director of the Currency Regulation and Control Department of the Central Bank of Uzbekistan, Otabek Tojiddinov, addressed the impact of European Union sanctions on money transfers to Uzbekistan during a press conference on July 29.
According to him, in the first half of 2026, the volume of international money transfers to Uzbekistan reached $9.3 billion, which is 13% higher compared to the same period last year. Transfers via Zolotaya Korona amounted to $2.4 billion, accounting for nearly 26% of all international transfers in the six-month period.
Tojiddinov noted that funds through Zolotaya Korona come not only from Russia but also from South Korea, Turkey, Kazakhstan, EU countries, and other nations where Uzbek citizens and diaspora members work.
“Commercial banks of our country, in coordination with the management of Zolotaya Korona, are negotiating to transfer the technical operator to another bank not subject to sanctions. It is expected that operations will begin through a new operator next week,” the Central Bank representative said.
He assessed the direct impact of the situation on Uzbekistan as insignificant and stated that the Central Bank and commercial banks are taking necessary measures to restore operations as quickly as possible. Tojiddinov clarified that the sanctions are not against Zolotaya Korona itself but against the bank through which transactions were conducted.
The Central Bank representative was also asked whether the sanctions against participants in the transfer system affected the decision to keep the key interest rate at 14%. Tojiddinov replied that this factor was not directly considered in the Central Bank's model, as its impact on consumer goods prices in Uzbekistan is deemed negligible.
Against the backdrop of restrictions on the transfer system, the Russian company Servis acquired 100% of the shares of the Uzbek payment organization Parapay, as reported by the Unified Corporate Information Portal Pinkod.uz.
According to the publication, the buyer purchased 20,428,996 shares, equivalent to the entire authorized capital of Parapay, with a total nominal value of 20.43 billion soums. However, the actual transaction value and payment terms were not disclosed.
Parapay and its new shareholder were notified of the deal on July 23 — the day the EU approved its latest sanctions package. The information was published on July 27.
The Servis company is not the direct operator of the Zolotaya Korona brand. However, Pinkod.uz notes that in open corporate registries, it is listed as the sole founder of Platyozhny Tsentr (LLC), the operator and main settlement center of the Zolotaya Korona system.
Before the deal, Parapay shares were owned by four Uzbek citizens: Ibrahim Fathullayev (54.33%), Izzatulla Fathullayev (23.5%), Dilmurod Fathullayev (17.06%), and Ziyovuddin Tulaganov (5.1%). Thus, control of the payment organization shifted from local individuals to a Russian company.
Parapay was registered in May 2022 and received a license from the Central Bank to operate as a payment organization in April 2023.
Pinkod.uz notes that the acquisition of a licensed local company could provide the new owner with a ready-made legal and technological platform for integration with banks, national payment systems, and users in Uzbekistan.
On July 23, the European Union approved its 21st sanctions package against Russia, covering energy, finance, and cryptocurrencies. The sanctions list included Platyozhny Tsentr (LLC), the operator and settlement center of the Zolotaya Korona payment system, as well as Sifra Bank, through which some international transfers were conducted.
Following the restrictions, the service temporarily suspended operations on certain routes, limiting the ability to transfer money from Russia to Georgia, Armenia, and some other countries.
In Uzbekistan, Asakabank announced a temporary suspension of money transfer services via Zolotaya Korona, citing technical work. The bank did not directly link the restrictions to sanctions and did not specify when the service would be restored.
Earlier, the Central Bank reported that in 2025, international money transfers to Uzbekistan totaled $18.9 billion, up 27.2% from 2024. Of this, $9.9 billion (52%) was processed through traditional international transfer systems, $8.6 billion (46%) via direct P2P transfers to bank cards, and $397 million through regular bank transfers.
Source: www.gazeta.uz