Black Thursday for Emomali Rahmon and His Family
Prague, 25 September — Free Eurasia. In October, banks linked by independent sources to the family of Tajikistan’s President Emomali Rahmon came under European Union sanctions. The latest package of restrictive measures aims to tighten control over financial channels allegedly used to circumvent sanctions imposed on Russia.
Banks Under Fire
In October 2025, three of Tajikistan’s largest financial institutions — Dushanbe City Bank, Spitamen Bank, and Commercial Bank of Tajikistan — were added to the EU sanctions list.
According to analysts and investigative journalists, these banks maintain close ties to the business and political network surrounding President Rahmon, raising doubts about their independence from the ruling elite.
An official statement from the Council of the European Union said the restrictions target “entities from third countries that facilitated the circumvention of export bans — from microelectronics to drones — thereby indirectly supporting Russia’s military capabilities.” (Council of the EU, October 2025)
Traces of the “Family Business”
An investigation by The Diplomat revealed that Dushanbe City Bank was promoted to Russian clients as an intermediary for money transfers through European neo-banks. The outlet reported that the bank was founded by Avesto Group, a consortium described as “closely connected to the ruling family.”
According to Pamir Inside, around 70 percent of Dushanbe City Bank’s shares are controlled by Avesto Group, headed by Mirzo Muhammad, a businessman believed to be close to Rustam Emomali, the mayor of Dushanbe and son of the president.
Free Eurasia correspondents also found that the Chairman of the Supervisory Board of Spitamen Bank is Buzurgdjamil Rahmonov, whose surname coincides with that of the president. The bank’s shareholder is the insurance company Spitamen-Sugurta. Earlier, several media outlets linked the bank to Jamoliddin Nuraliyev, former First Deputy Chairman of the National Bank of Tajikistan and husband of Rahmon’s daughter, although he denied holding any stake in the institution.
Meanwhile, Commercial Bank of Tajikistan is reportedly owned by the company Faroz, controlled by Shamsullo Sohibov, President Rahmon’s son-in-law.
Sanctions and Consequences
The EU decision prohibits companies and individuals from member states from conducting any transactions with the listed banks — from correspondent accounts to new financial deals.
This effectively cuts the banks off from the European financial system and makes international settlements far more difficult.
Domestically, the banks continue serving customers through regular operations, but their international transactions have become highly vulnerable.
Tajikistan has long served as a financial intermediary for Russian money flows — including remittances from labor migrants and small business transfers. Experts say the sanctioned banks may have been part of a network used by Russian citizens to bypass financial restrictions.
If it is confirmed that these institutions indeed helped evade sanctions or cooperated with Russian companies linked to the defense sector, the EU could expand its list of restrictions, and global regulators may tighten oversight of Tajikistan’s financial system.
Free Eurasia Comment:
The inclusion of Tajik banks in the EU sanctions list marks the strongest blow in years to the economic circle surrounding President Emomali Rahmon. For the ruling elite, it serves as a warning: financial isolation may soon extend not only to Russia, but also to its closest allies and intermediaries in Central Asia.
