Ukraine imposes sanctions on Russian banks for 50 years

On Thursday, Ukraine’s parliament voted by a majority to impose sweeping sanctions for a period of 50 years on all Russian financial institutions, including the central bank, all commercial banks, investment funds, investment companies insurance, non-bank credit institutions and payment system operators.“This is a complete blockage of access of financial institutions of the Russian Federation to markets and assets in Ukraine. Complete blockage. We must weaken them by all available means. It is the financial sector that is the strategic ‘donor’ in this war,” Andriy Pyshny, chairman of the National Bank of Ukraine, wrote on Facebook.The sanctions include, in particular, the suspension of transactions with assets held by financial institutions of the Russian Federation, the prohibition of operations and investments in Russian financial institutions, the prohibition of establishing business relations ( including correspondent relationships with Russian banks), a ban on transactions with Russian banks, and other measures.Ukraine’s Economy Minister Yulia Sviridenko said the sectoral sanctions would affect hundreds of banks and tens of thousands of financial institutions registered in Russia.Ukraine has previously sanctioned hundreds of Russian officials and businessmen, banned people and companies linked to Russia from owning land and participating in state privatizations, banned government purchases of property and certain Russian services and suspended technology transfers to Russian-related companies.