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Rada approves sectoral sanctions for 50 years against all banks and nonbank financial institutions of Russia
KYIV. Feb 23 (Interfax-Ukraine) – The Verkhovna Rada supported by a constitutional majority the decision of the National Security and Defense Council (NSDC) and President of Ukraine Volodymyr Zelenskyy to apply sectoral sanctions for 50 years against all banks registered or located in Russia, including the Central Bank of the Russian Federation, insurance companies and other nonbank financial institutions.
According to MP Yaroslav Zhelezniak, president decree No. 89 dated February 22 approving the decision of the National Security and Defense Council adopted on the same day “On the application of sectoral special economic and other restrictive measures (sanctions) against financial institutions of the Russian Federation” was supported by 325 MPs with the required minimum of 226 votes.
The sanctions include 10 points, in particular: stop transactions with assets owned by financial institutions of the Russian Federation; prohibition of establishing business relations, including correspondent ones; prohibition of transactions and investments in favor of financial institutions of the Russian Federation.
This list also includes a ban on the purchase of securities and other financial instruments issued by financial institutions of the Russian Federation, with the exception of the alienation (including gratuitous) of securities in favor of the state of Ukraine.
In addition, sanctions include stopping the fulfillment of economic and financial obligations in favor of the financial institutions of the Russian Federation, including the transfer of dividends, interest and other payments on assets attracted to Ukraine, stopping the servicing of electronic means of payment (including transfers, settlements and cash withdrawals) issued by financial institutions of the Russian Federation.
The decree also provides for the cancellation of registration and the prohibition of new registrations by the National Bank of the international payment system, the operator of which is the financial institution of the Russian Federation, and its participants, as well as the participant of the financial institution of the Russian Federation of the international payment system, the operator of which is a resident of Ukraine.
“Prohibit individuals and legal entities from conducting operations (performing actions) leading to violations, avoiding the imposed restrictions,” the document states.
The Ministry of Foreign Affairs of Ukraine was instructed to inform the competent authorities of the EU, the United States and other states about the application of sanctions.
