Ukraine applies sanctions against all Russian banks and non-banking institutions
The sanctions are imposed for a period of 50 years.
President Volodymyr Zelenskyy has submitted to the Verkhovna Rada a resolution approving the NSDC's decision to apply sectoral economic sanctions against Russian financial institutions.
The text of the document was made public on the VRU website.
The sanctions apply to all banks registered and located in Russia, including:
- the central bank of Russia;
- non-bank credit institutions;
- operators of payment systems;
- professional participants of the securities market;
- insurance companies;
- investment funds;
- other financial institutions registered and providing services in Russia.
The sanctions will last for 50 years.
It is also prohibited to buy securities and other financial instruments issued by Russian financial institutions, except for alienation (including gratuitous) of the securities in favour of the Ukrainian state.
The sanctions also provide for stopping the fulfilment of economic and financial obligations in favour of Russian financial institutions, stopping the servicing of electronic means of payment (transfers, settlements and cash withdrawals) issued by Russian financial institutions.