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NBU bans Russian citizens from using right to vote in Ukrainian financial companies

KYIV. May 5 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has banned citizens of the Russian Federation, persons who permanently reside there, and Russian companies that own a significant stake (from 10%) in insurance, leasing, financial and factoring companies, directly or indirectly, to vote and take part in the management of the company until martial law in Ukraine is lifted.

According to the press service of the regulator, the NBU adopted the relevant changes by board resolution No. 93 dated May 4, 2022 that entered into force on May 5.

According to it, financial service providers in which the owners of significant participation are citizens or companies registered in Russia can apply to the National Bank for the appointment of a trustee who can transfer their right to vote.

To do this, you must submit an application for at least two candidates, as well as documents to identify individuals and assess their reputation.

Citizens and persons having a permanent place of residence in Russia cannot be trustees.

It is indicated that the National Bank will make a decision on the appointment of a trustee within 30 working days.