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March 29, 2022

NBU appeals nations to sanction local units of Russian banks

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 called on regulators of various countries to sanction branches of Russian banks operating on their soil. 

Last month, Russia attacked Ukraine by land, sea and air, which led the US and its allies imposing severe sanctions on Moscow in a bid to isolate it financially.

In his appeal to authorities in Canada, Japan, Switzerland, the US, the UK, and the European Union, NBU governor Kyrylo Shevchenko noted that sanctions imposed till now have not been enough to deter Russia.

The governor said: “Subsidiaries of Russian financial institutions continue to pursue Russia’s government strategy abroad by using various methods to evade sanctions outside Russia and may be complicit in the development of sanction voidance schemes.”

Earlier, Shevchenko had urged the central bank of these countries to sever ties with all banking firms in Russia and Belarus.

NBU had also appealed to SWIFT to cut off the Central Bank of Russia from the global payments messaging system.

Shevchenko noted: “We are confident that only by working together to counteract the aggressor will we be able to safeguard the principles of democracy and peace. After all, we are no longer talking about business, but about saving the lives of the civilian population of our country.”

Separately, the European Bank for Reconstruction and Development (EBRD) announced plans to shutter its offices in Moscow and Minsk to oppose the Russian invasion of Ukraine with help of Belarus.

The EBRD has also agreed to offer a relief package worth €2bn for Ukraine and other nations affected by the war.

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