More than 90% of trade transactions between Russia and Kyrgyzstan are conducted in rubles, according to Russian Ambassador Sergey Vakunov. Speaking at a press conference in Bishkek, Vakunov emphasized the strong financial integration between the two countries.
“Over 90% of trade operations between our nations are carried out in rubles,” Vakunov stated.
Despite Western sanctions imposed on Russia, bilateral trade between Kyrgyzstan and Russia grew by 27% in the first seven months of 2024 compared to the same period in 2023.
The ambassador acknowledged that most Kyrgyz banks have ceased dealings with sanctioned Russian banks, a move he described as unavoidable. “Kyrgyz banks had to take such measures; otherwise, they risked losing access to the SWIFT system,” Vakunov explained.
To strengthen financial ties, the two nations are currently negotiating the establishment of branches of Russian banks in Kyrgyzstan.
In 2023, trade between Russia and Kyrgyzstan amounted to $3.1 billion. Both countries have set a goal to increase this figure to $5 billion in the coming years.
GSV "Russia - Islamic World"
Based on TASS materials