On October 8, Great Britain imposed sanctions against three companies registered in Kyrgyzstan and Ulan Bukabayev, the head of one of them. The restrictions were introduced as part of anti-Russian sanctions. This was reported by Economist.kg.
The sanctions were applied to Processing KD JSC, TokenSpot CJSC, Sunami Payments LLC, and Ulan Bukabayev, the head of Processing KD.
The restrictions provide for freezing the companies' assets, banning certain financial transactions involving them, and prohibiting the provision of certain services. British banks are also prohibited from establishing correspondent relations with these entities, and financial institutions are banned from making payments to, from, or through them.
The British side believes that the activities of these companies could benefit or support Russian authorities. One of the main companies on the sanctions list is Processing KD. British officials have designated the Ministry of Finance of Kyrgyzstan as the parent organization of this company. According to Economist.kg, in July 2025, the ministry became the sole shareholder of the company.
Processing KD is developing the VexPay payment platform, designed to service international trade operations based on promissory notes provided by the Kyrgyz government. The company is engaged in issuing, transferring, and settling these promissory notes. In the summer of 2025, Ulan Bukabayev stated that the new processing center would service trade and financial operations, as well as serve as an alternative to the SWIFT's international financial messaging system.
Earlier, the Financial Times reported that representatives of Russia's A7 payment network presented the VexPay platform to Kyrgyz authorities in April 2025 as an alternative to SWIFT'. However, the Ministry of Finance of Kyrgyzstan and Processing KD denied claims that the platform is externally controlled. Personal restrictions were also introduced against Ulan Bukabayev. In particular, he is banned from entering Britain and his ability to hold leadership positions is restricted.
Another sanctioned company, TokenSpot, is a cryptocurrency exchange registered in Bishkek, primarily aimed at users in Russia and other Commonwealth of Independent States countries. Through the platform, users can buy and sell cryptocurrencies for rubles and other currencies, deposit and withdraw funds via banks, and trade in spot and futures markets.
