Credit: National Bank Of Ukraine/Flickr (Creative Commons)

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The National Bank of Ukraine (NBU) has urged central banks of various nations to review and cut their ties with all banking entities in Russia and Belarus.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

NBU Governor Kyrylo Shevchenko has also appealed to these regulators to give relevant instructions to all the banks operating under their jurisdiction.

NBU’s appeal is directed at the central banks of Canada, Japan, the UK, the US, Switzerland, and the European Central Bank.

Notably, the US and its allies have already imposed financial sanctions targeting some Russian lenders in retaliation to Moscow’s invasion of Ukraine.

However, the sanctions imposed till now have not been sufficient as Russian banking institutions that are not subject to sanctions continue to act as a source of funding for the war on Ukraine, the NBU Governor noted.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Shevchenko said: “We highly appreciate the international support we have already received. However, we believe that the review and termination of correspondent relations with all Russian and Belarusian banks will put more pressure on the aggressors and make the most out of the sanctions already imposed.”

Separately, NBU has also reached out to the leadership of SWIFT to cut off the Central Bank of Russia from the global payments messaging system.

“We ask SWIFT to join the international community and increase financial pressure on the aggressor state. We hope for your support and cooperation in saving the lives of Ukrainians and preserving the sovereignty of our country,” Shevchenko’s statement read.