Uzbekistan May Resume 'Zolotaya Korona' Money Transfers Next Week
International money transfers to Uzbekistan reached $9.3 billion in the first half of 2026, with $2.4 billion of that amount processed through the "Zolotaya Korona" system. The payment system operator and its clearing center were included in the European Union's 21st sanctions package against Russia. Otabek Tojiddinov, a department director at the Central Bank of Uzbekistan, indicated that the system's operations in the country might be reinstated as early as the following week. This potential resumption follows the inclusion of "Zolotaya Korona" in EU sanctions, which had previously disrupted its services. The exact timeline for the restoration of these transfers remains subject to ongoing assessments and potential regulatory adjustments. The Central Bank is reportedly working to ensure compliance while facilitating the continued flow of remittances, which are crucial for the Uzbek economy. The situation highlights the complex interplay between international financial regulations and the operational continuity of remittance services vital to many countries.
The potential resumption of "Zolotaya Korona" transfers in Uzbekistan, despite its inclusion in EU sanctions against Russia, suggests a complex negotiation or re-evaluation of the sanctions' impact on a third country's economy. Uzbekistan's reliance on remittances, particularly through this channel, likely created significant economic pressure. The situation underscores the challenge of implementing broad sanctions without causing unintended consequences for economies heavily dependent on cross-border financial flows. Future policy considerations might involve developing more targeted sanctions or establishing clearer carve-outs for remittance services to mitigate such disruptions, balancing geopolitical objectives with economic stability and individual financial access.
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