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August 12, 2022

Ukraine requests US to sanction all Russian private banks

Ukraine has reportedly requested the US to impose sanctions on all Russian private banks in a bid to restrict Moscow’s ability to continue the ongoing conflict.

According to a Bloomberg report, the Government of Ukraine wants the US to keep adding a couple of banks every week to the sanctioned list.

Ukraine’s ambassador to the US Oksana Markarova has already passed this request to the US Treasury Department, the publication added.

In an interview with Bloomberg’s Washington office, Markarova said: “Sanctions are as important as weapons.”

She added that the private banks are funding Russia’s military campaign in Ukraine, and whenever one of these institutions gets sanctioned, some other private lender starts financing the military industry.

Markarova said that all banks, barring a few, should be sanctioned because “all of them are engaged in financing their terror machine that is conducting war”.

The Western countries started sanctioning Russian entities including financial institutions after it launched an invasion of Ukraine which Moscow describes as a ‘special military operation’.

Last month, it was reported Russian authorities are planning to block foreign banks from exiting the country. The move will prevent foreign banks operating in Russia to sell their assets as long as Russian banks are not allowed to operate normally overseas.

Despite the plan, HSBC reached an agreement with Expobank to sell its business in Russia and retreat from the country.

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