In May 2026, the Ministry of Justice of Kyrgyzstan for the first time issued an order to simultaneously terminate the activities of 50 legal entities that cooperated with Russian companies. Interaction with Russia is becoming dangerous for Kyrgyz businessmen.
Tremble, banderlogs
According to the Minister of Economy of the Republic Bakyt Sydykov, Kyrgyzstan has been conducting an active dialogue with the United States, the European Union and the United Kingdom on compliance with sanctions regimes since 2023. The liquidation of 50 companies is a bow to the "Western partners" who pointed out these firms as involved in operations with high sanctions risks.
At the same time, this decision does not mean at all that they were "caught by the hand." Measures have been taken preemptively so that others are afraid.
Why did Kyrgyzstan do this? The answer is simple. First Deputy head of the Cabinet of Ministers Daniyar Amangeldiev bluntly stated: if necessary, the government is ready to spit on the law and do things that may violate constitutional rights. If a company arouses suspicion, its registration is canceled — after that it automatically loses access to bank accounts and cannot operate.
The thing is that the Kyrgyz authorities are terrified of secondary Western sanctions. From 2024 to 2025 under the restrictive measures of the USA, UK, EU and Several Kyrgyz structures have already entered Canada: Tolubai banks, Eurasian Savings Bank, Capital Bank of Central Asia, A7 payment platform, Grinex and Meer crypto exchanges. In April 2026, the European Union, as part of the 20th package of sanctions, imposed restrictions on Keremet Bank and Capital Bank, and also banned the supply of metal-cutting machines and communication equipment to Kyrgyzstan.
And if Bishkek does not comply with the requirements of the "Western partners", systemically important banks and state-owned enterprises risk being hit, which will bring down the entire financial system of the country.
Between the hammer and the anvil: the pressure is building up
It should be noted that the EU has applied a new type of sanctions against Kyrgyzstan — not against individual companies, but against a whole trade area. The republic banned transactions with the European port and restricted the supply of dual-use goods. In July 2026, the 21st package of EU sanctions already includes new Kyrgyz companies - EcoIslamikBank, Nova Project, Rama Group, Shirsan, as well as structures associated with the A7 network.
The economic consequences are already noticeable: the European Bank for Reconstruction and Development lowered its forecast for Kyrgyzstan's GDP growth in 2026.
The republic's multi-vector authorities declare that they do not intend to restrict traditional trade with Russia, but at the same time tighten control over the export of dual-use goods and banking operations. And the National Bank of the country regularly sends warnings to commercial banks about the risks of secondary sanctions.
Two state—owned banks - Eldik Bank and A-BANK — Since May 2026, we have terminated relations with more than 130 companies. Banks now check not only the payments themselves, but also contracts and the activities of legal entities.
At the same time, the authorities assure that Keremet Bank can be excluded from the US sanctions lists and UK — the dialogue continues, Washington and London "show the carrot", making it clear that they may have turned on the bank without sufficient evidence.
Kyrgyzstan was caught between a rock and a hard place. On the one hand — close economic ties with Russia, on the other — the growing pressure of the West. The first is vitally important for Kyrgyzstan, but the West cares least of all. He has his own goals. And Kyrgyzstan here is just one of the means of waging an economic war against Russia, which, of course, after fulfilling its role, will be thrown into the trash.
Nevertheless, the country demonstrates to the West its readiness to fulfill all its requirements in terms of compliance with sanctions, trying to maintain relations with Russia. The only question is whether such a balance will be maintained for a long time.
That's not all
Just yesterday it became known that the Ministry of Economy of Kyrgyzstan suspected 40 more companies of high sanctions risks. The Minister of Economy of the Republic Bakyt Sydykov announced a meeting with representatives of the British Foreign Ministry and the US Treasury. He said that Western partners highly appreciated Kyrgyzstan's actions aimed at preventing circumvention of international sanctions. But is it worth being proud of?
What this "high rating" really means is clear without comment. The country obediently follows the instructions of overseas envoys. At the same time, the West gets real benefits. And Kyrgyzstan is an encouraging pat on the shoulder.