13:13 21.02.2018

Sanctions against banks with Russian capital expiring March 16 should be extended

2 min read
Sanctions against banks with Russian capital expiring March 16 should be extended

 The National Bank of Ukraine believes that it is better to extend sanctions against banks with Russian government capital expiring on March 16, Director of the financial stability department of the central bank Vitaliy Vavryschuk has said.

"Yes, there is a need to extend," he said, answering a question of journalists at a press conference in Kyiv on Wednesday.

Vavryschuk said that the presence of banks with Russian government capital is narrowing in the banking sector almost in all segments.

"I think that this is the issue of time when banks with Russian capital leave the Ukrainian market… We clearly see that the Russian government capital would fully leave the Ukrainian banking sector," he said.

He said that these banks could withdraw from the market not only via the sale of the financial institutions, but also via the narrowing of balance sheets and closure of departments. One of the Russian banks recently announced this.

As was reported, Ukrainian President Petro Poroshenko on March 16 enacted a decision taken by the National Security and Defense Council (NSDC) of Ukraine to impose sanctions on five Ukrainian-based banks with Russian capital. Twelve-month sanctions will be imposed on PJSC Sberbank, PJSC VS Bank, PJSC Prominvestbank, PJSC VTB Bank, PJSC BM Bank. The banks are not allowed to withdraw capital outside Ukraine in favor of entities that are affiliated with them.

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