The National Bank of Ukraine (NBU) would not apply sanctions to banks for violation during the re-classification and re-assessment of financial tools to meet IFRS9 in the first quarter of 2018.

The central bank said on its website that the decision is outlined in NBU Board resolution No. 1 dated January 12, 2018 on some issues linked to the introduction of the international financial reporting standard 9 (IFRS) entitled "Financial Tools."

As reported, Ukrainian banks since January 1, 2018 are obliged to switch to the international standard of financial reporting IFRS9. The relevant transition includes the reclassification of a number of financial assets, new principles for assessing credit risks, as well as a change in the volatility of profit indicators and basic indicators of financial institutions.