Goods abroad — no money: Uzbek exporters allowed to close debts out of their own pockets

Goods abroad — no money: Uzbek exporters allowed to clear debts out of their own pockets

By the decree of the head of state dated August 27, 2026, a new mechanism is being introduced in Uzbekistan to reduce overdue accounts receivable on foreign trade operations.

It concerns debt that has arisen, among other things, due to uncertainty in global markets, restrictions on foreign payments and bank settlements, as well as untimely fulfillment of obligations by foreign counterparties.

The new procedure applies to cases of actual export of goods, works, or services under a foreign trade contract, where the foreign partner has not transferred the money within the established timeframe, and the operation itself is already listed as overdue in the E-kontrakt foreign trade operations information system.

A rather unusual solution has been proposed for businesses.

Until January 1, 2027, a one-time nationwide campaign has been declared, under which entrepreneurs will be able to repay such overdue accounts receivable using their own funds.

In other words, if a foreign buyer has not paid for goods already delivered, the enterprise will be able to actually close the resulting debt with its own money.

A technical mechanism is also provided. The enterprise has the right to deposit the required amount in foreign currency cash through the cash desk of the servicing bank into its account. Under the campaign, a passenger customs declaration and a corresponding power of attorney will not be required for this.

After the funds are deposited, the information will be entered into E-kontrakt, where the amount of overdue debt will be automatically reduced by the size of the payment made.

At the same time, the uncollected portion of the fine will also be reduced proportionally.

However, not everyone will be able to use this mechanism. Legal entities in whose authorized capital the state share is 50% or more are excluded from the scope of the decree.

Even more significant changes await exporters starting January 1, 2027.

From this date, the court will be able to halve the amount of the fine for failing to ensure the repatriation of assets under foreign trade operations in three cases.

The first is if the resident acted in good faith and took all measures within their power to recover the funds. This includes applying to a court, arbitration, or using other legally prescribed enforcement tools.

The second ground is if it was possible to ensure the repatriation of more than 50% of the assets under the foreign trade operation.

The third is if it is impossible to return the money due to widely known international sanctions, restrictions on banking and payment systems, or a ban on foreign exchange operations in the country of the foreign partner or payments under the relevant contract. At the same time, cases of force majeure, which must be confirmed in accordance with the established procedure, are specified separately.