Next week, Ukraine will initiate expelling Russia from the Financial Action Task Force (FATF), advisor to the head of the President's Office Mykhailo Podoliak has said.

"Next week, we will initiate the exclusion of Russia, being a sponsor of terrorism, from the members of the FATF – an intergovernmental group on combating money laundering. Russia cynically violated its obligations under the FATF by starting the war of aggression against Ukraine," Podoliak wrote on his Telegram channel.

According to him, excluding Russia from the FATF will significantly increase the cost of doing business from Russia.

In particular, blacklisting Russia as a "high-risk jurisdiction" will mean that foreign banks and other financial institutions will conduct additional checks when working with Russian legal entities to check whether they are criminals or fraudsters, and, accordingly, it will become more expensive for foreign counterparties and unprofitable to do business with the Russian Federation.

Also, Podoliak said, this will reduce Russia's ability to evade sanctions, limit its international trade, make it more difficult to receive payments for exports and make payments for imports, and will affect the outflow of foreign direct investment from Russia.

Thus, foreign companies will face much higher costs for investing in Russia, and the money transfer to the Russian Federation will become problematic.

Earlier, Finance Minister of Ukraine Serhiy Marchenko called on the Russian Federation to be included in the FATF "blacklist" and deprive it of access to the world economy for undermining global financial security.