Uzbekistan seizes Russian fintech asset

Uzbekistan's National Bank has forcibly seized the local subsidiary of Russian fintech firm Solfy and arrested its director Uktam Khasanov on March 27. The action, which authorities claim is due to embezzlement and contractual violations, represents a corporate raid conducted without due process or compensation. Analysts suggest the move signals Tashkent's political reorientation toward the West amid deteriorating relations with Russia. The case involves Solfy, a profitable joint venture established over five years ago with Russian investor Maxim Poletaev, a former Sberbank executive.