Russia is making significant efforts to adapt to the international sanctions imposed against it, with measures being taken both to protect its banking sector and to regulate foreign technological influence. Recently, Melis Turgunbaev, the head of the National Bank of Kyrgyzstan, spoke about the daily work being done to prevent secondary sanctions on commercial banks as the region grapples with shifting economic conditions.
Turgunbaev emphasized the gravity of the situation, stating, "If we didn’t do this work, there would be much more sanctions banks, in our opinion." This commentary reflects Kyrgyzstan’s proactive stance through the establishment of international working groups composed of key institutions overseeing financial transactions and compliance, ensuring they are equipped to handle the complex dynamics of international regulations.
To fortify this initiative, the National Bank conducts regular training sessions aimed at familiarizing banks and companies with potential risks associated with sanctions. These meetings focus on risk discussion and mitigation strategies. Turgunbaev has also taken personal interest in the sanctions issue, participating directly in the appeals process following sanctions imposed on "Keremet Bank." He revealed his recent trip to the United States for meetings with the Department of the Treasury, aimed at finding pathways to lift the sanctions before their effective date of March 1.
Meanwhile, discussions within Russia’s technology and media sectors present another front where sanctions have influenced regulatory policy. Vadim Subbotin, the deputy head of Roskomnadzor, has indicated positive progress with the gaming platform Steam, stating, "Steam meets all requirements of Russian legislation; we have no issues with the resource’s administration." This statement marks the regulatory body’s current satisfaction with Steam’s compliance, easing concerns about potential restrictions on the popular gaming service.
Back in October 2024, Roskomnadzor confirmed to the media it did not plan to block Steam as it proactively removes prohibited content. This level of cooperation suggests a desire to maintain suitable digital environments for Russian users without stifling access to global platforms.
On the other hand, the situation with tech giant Google presents challenges. Subbotin disclosed, "There is currently no dialogue with Google; they are not needed in our country. If the need arises, we will address it." This stark communication reflects the tension and potential penalties resulting from Google's alleged violations of Russian laws, which have accumulated significant fines amounting to 2.86 duodecillion rubles by February 2025.
Russian authorities continue to analyze the role of social networks, with Subbotin asserting there is neither dialogue with X (formerly Twitter) nor plans to develop one. The message to these tech entities is clear: compliance with local laws remains non-negotiable, and the absence of dialogue may lead to harsher sanctions or operational limitations.
The converging narratives from both financial and technological sectors highlight the broader framework of Russia’s strategy to respond to international sanctions more constructively. While Turgunbaev outlines steps toward ensuring Kyrgyz banks can navigate the sanctions minefield, Subbotin's remarks about balancing tech compliance reflect Russia's calculated engagement with digital platforms.
Looking forward, these responses are not merely reactionary; they form part of an overarching strategy to fortify against sanctions, stabilize the economy, and safeguard sectors deemed necessary for national functioning. Each meeting, training session, and negotiation symbolizes Russia's intent to preserve its economic infrastructure amid external pressures.