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

The Ukrainian central bank has called on the banking regulators of several nations to impose a ban on transactions in Russian and Belarusian rubles.

In his address to the European Commission and the central bank of the UK, the US, Japan and the EU, the National Bank of Ukraine governor Kyrylo Shevchenko also asked to place a ban on the opening of new ruble-denominated accounts and exchange of rubles for other currencies.

Shevchenko noted “a sweeping ban that will forbid financial institutions based in these countries and their counterparties to process payments in the Russian and Belarusian rubles,” and increase pressure on Russia.

The news comes after Russian President Vladimir Putin signed a decree on transitioning to payments for natural gas in rubles for ‘unfriendly countries’.

The NBU said that Russia’s move is an effort to circumvent sanctions that target Moscow’s assets denominated in dollars and euros.

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.

“The aggressor is making every effort to convert its trade in energy and other natural resources into rubles, trying to generate additional demand for its domestic currency and thus shore it up,” it added.

“A ban on making settlements in rubles would derail Russia’s plan to switch to being paid in its domestic currency. This step would only preserve the status quo in trade settlements with Russia,” the governor noted.

Earlier, the NBU had called on these nations to impose sanctions on the local arms of Russian banks and cut ties with banking entities in Russia and Belarus.