Crossroads Asia | Economy | Central Asia

EU Delists Tajik Banks as Kyrgyzstan Feels the Heat

The removal of three Tajik banks from the EU sanctions list highlights diverging compliance trajectories across Central Asia.

On April 23, the European Union removed three Tajik financial institutions – Spitamen Bank, Dushanbe City Bank, and Commercebank of Tajikistan – from its sanctions list as part of its 20th package of restrictive measures targeting Russia. The banks had been sanctioned just five months earlier under the EU’s 19th package, which took effect on November 12, 2025. Under the sanctions, European entities were barred from conducting transactions with the three Tajik banks.

The delisting, announced by the National Bank of Tajikistan, was framed as the result of productive dialogue between Tajik authorities and their European counterparts. According to the regulator, the decision reflects expanded cooperation with the European Commission, the implementation of international compliance standards, and improvements in anti-money laundering mechanisms. During the sanctions period, the affected banks continued operating domestically but faced restrictions on international transfers and correspondent banking relationships.

The EU did not publicly disclose the specific transactions or volumes that originally led to the sanctions. Its 19th package broadly cited the risk that the listed institutions could facilitate the circumvention of restrictions imposed on Russia. In response, Tajikistan’s Foreign Ministry expressed concern and pledged to cooperate with international partners. Tajik authorities subsequently worked to secure the removal by providing guarantees that the banks’ financial operations comply with international standards.

The three Tajik banks were not sanctioned without reason. A July 2025 investigation by the Russian outlet The Bell revealed that Russia’s Sberbank was routing client funds to European bank accounts using Central Asian banks as intermediaries, with transaction records showing Dushanbe as the origin of funds rather than Moscow. Dushanbe City Bank, founded in 2007 under the Avesto Group – a conglomerate closely tied to Tajikistan’s ruling family – was among those mentioned in online ads offering banking services to sanctioned Russian citizens via third-party intermediaries.

The timing of the delisting is notable. While Brussels lifted restrictions on Tajikistan’s banks, the same 20th package imposed transaction bans on two........

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