Uzbekistan's key exports — gold, cotton, and natural gas — face 20-30 day payment delays through CBU's evolving FX liberalisation with residual controls. LCORE's gold DVP eliminates the multi-hop SWIFT chain entirely: buyer deposits gold in Abu Dhabi escrow, commodity ships, delivery is confirmed, and gold releases to the exporter. Settlement completes in 2-3 business days with a minimum transaction size of $5M. No USD intermediary bank required.
Request ConsultationWhen UZS payments are blocked by correspondent banking compliance, LCORE's gold DVP provides a neutral Abu Dhabi alternative. Uzbek gold and gas exporters can deposit physical gold into DVP escrow -- commodity delivers -- payment in UZS confirms -- gold releases. 2-3 working days.
ADGM English Law governs. Lloyd's $200M insurance throughout. UAE geopolitically neutral -- not subject to US, EU, or UK sanctions regime.
Confidential. Min $5M. ADGM 28158.
Uzbekistan is Central Asia's most populous country and a significant commodity exporter across multiple sectors. Gold from the Muruntau open-pit mine in the Navoi region — the world's largest open-pit gold mine — produces approximately 80-100 tonnes annually, making Uzbekistan one of the world's top ten gold producers. Gold is managed by Navoi Mining and Metallurgical Combine (NMMC) and accounts for approximately 40% of export revenues. Natural gas from the Bukhara-Khiva basin historically exported to Russia, China, and the CIS, though reserves are declining. Uranium from the Kyzykum desert ranks Uzbekistan among the world's top five uranium producers, exported to Russian (ROSATOM) and Western nuclear fuel cycle buyers. Cotton from the Ferghana Valley and Kashkadarya region — Uzbekistan was the world's third-largest cotton producer during the Soviet era — continues to export as cotton fibre and cotton yarn to China, Bangladesh, and Turkey. Copper from the Almalyk Mining and Metallurgical Combine (AMMC) exports concentrate and copper cathodes. Fruit and vegetables — particularly cherries, apricots, and melons — target Russian and UAE premium markets.
The Uzbekistani sum (UZS) is partially convertible since the 2017 liberalisation reforms of President Mirziyoyev, representing a significant improvement from the previous multiple-exchange-rate system. However, UZS convertibility remains constrained for large transactions, and the National Bank of Uzbekistan (NBU) maintains approval requirements for significant cross-border transfers. Uzbekistan's banking sector has limited international correspondent relationships outside of Russian, Turkish, and Chinese bank intermediaries. Since 2022, the Russian correspondent banking channel has been disrupted by SWIFT sanctions, forcing Uzbek banks to reroute through Turkish (Ziraat, İş Bankası) and UAE intermediaries — adding 15-25 days. Gold export settlements by NMMC have historically routed through London (LBMA) or Swiss refinery channels, but compliance scrutiny of Uzbek sovereign gold has increased. Cotton and uranium export payment structures are complex, involving state entities (Uzbek Commodity Exchange, UzUran). LCORE's gold DVP provides Uzbekistani commodity exporters with a direct neutral settlement mechanism in Abu Dhabi that bypasses the disrupted Russian correspondent channel.