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Ukraine imposes 50-year sanctions on Russian banks

REUTERS/Sarah Meyssonnier
The Eiffel Tower is lit up in the national blue-and-yellow colours of Ukraine to mark the first anniversary of Russia's invasion of Ukraine in Paris on February 23, 2022

Ukraine’s parliament has imposed sweeping 50-year sanctions on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises.

The sanctions are part of moves by Kyiv to maintain financial pressure on Russia over its full-scale invasion of Ukraine on February 24 last year.

“It is a complete block on financial institutions of the Russian Federation accessing markets and assets in Ukraine. A complete block,” Andriy Pyshniy, governor of the National Bank of Ukraine, said on Facebook.

“We should weaken it with all available means. It is the financial sector which is a strategic ‘donor’ of this war.”

An overwhelming majority of 325 deputies voted to support the measures, intended to be in place for half a century.

Economy minister Yulia Svyrydenko said the sectoral sanctions would affect hundreds of banks and tens of thousands of financial institutions registered in Russia.

The measures include a ban on transactions with assets owned by the Russian Federation’s financial institutions, a ban on establishing business relations and a ban on transactions and investments in Russian financial institutions, Svyrydenko said.

Ukraine had already imposed sanctions on hundreds of Russian officials and businessmen, barred people linked to Russia from owning land and participating in state privatisation, banned public purchases of Russian goods and some services, and suspended the transfer of technologies to people linked to Russia.

Ukraine is also urging its Western partners to impose more sanctions on Moscow, including taking steps that target Russia’s nuclear sector.