The National Bank of Ukraine (NBU) has obliged banks from October 2, 2015 refuse the transfer of money to clients on whom sanctions to block assets, halt financial transactions and prevent removal of capitals outside Ukraine were imposed by the National Security and Defense Council of Ukraine (NSDC).

NBU resolution No. 654 on provision of the realization and monitoring the effectiveness of personal special economic and other restrictive measures (sanctions) of October 1, 2015 took effect on October 2, 2015.

Banks are also banned from carrying out settlement transactions in favor of entities subject to the sanction "halt to financial transactions," including in favor of nonresident banks.

Banks have also been ordered to refuse to carry out truncations using electronic payments if the sanctions "blocking of assets" or "halt of financial transactions" are imposed.

The regulator also banned banks from executing any settlement document in favor of entities subject to the sanction "stop of fulfilling of economic and financial liabilities," as well being banned from issuing credits, including via the purchase of securities, loans, financial aid, guarantees if the relevant sanction is introduced.

Banks must return settlement documents without their execution and explain why they were returned under the new rues.