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Ukraine’s National Bank to prolong sanctions against banks with Russian capital

Earlier Ukraine’s President enforced the decision of Security and Defense Council to impose sanctions against five banks with Russian capital
19:00, 21 February 2018

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The National Bank of Ukraine believes that the sanctions against banks with Russian state capital, expiring on March 16, should be prolonged. Vitaliy Vavryshchuk, the Head of the National Bank Financial Stability Department said this, as Interfax-Ukraine reports.

“Yes, there is a need to prolong them,” he responded.

He also mentioned that the presence of banks with Russian capital within the banking sector is decreasing by all indicators.

“In fact, I think, that this is the matter of time, when banks with Russian capital exit Ukrainian market.  We see clearly, that Russian capital will exit Ukrainian banking sector entirely,” Vavryshchuk said.

Related: Two Russian banks will soon be cut off from access to SWIFT system, - media

According to him, exit from market can be done not only through the sale of financial institutions, but also through balance compression and departments shut-down. One of Russian banks stated this recently.

As we reported earlier, Ukraine’s President Petro Poroshenko implemented the decision of the National Security and Defense Council of Ukraine to impose sanctions against banks with Russian capital: Sberbank, Prominvestbank, VTB, BM Bank in the form of a ban to withdraw of capital outside Ukraine in favor of their associated people.

Related: Central Bank of Russia to compensate Ukrainian sanctions against Russian banks

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