NBU calls on intl non-banking financial groups to stop their activities in Russia and Belarus

Governor of the National Bank of Ukraine Kyrylo Shevchenko called on the heads of international non-banking financial groups to stop any activity of their subsidiaries and branches in the Russian Federation and Belarus and join international measures aimed at reducing the ability of the aggressor economy to finance military operations in Ukraine, according to regulator website.

"Any financial transactions with the institutions of these countries and, as a result, the payment of taxes to their budget will contribute to the financing of war crimes and terrorist acts against the civilian population of Ukraine," the National Bank said.

The regulator emphasizes that the war crimes exposed in the suburbs of Kyiv, the targeted destruction of entire cities, the undisguised propaganda of the genocide of Ukraine are evidence of the insufficiency of the sanctions imposed against the Russian Federation and the Republic of Belarus.

"Given this, it is extremely important to continue to increase pressure on the aggressors to weaken their positions," the report says.

Termination by non-banking financial groups of their activities in the markets of the Russian Federation and the Republic of Belarus will contribute to strengthening the impact of the already existing economic sanctions of the world community.

"One of the main battles today is taking place on the financial front. The National Bank is taking measures aimed at ensuring the stability of the financial system of Ukraine under martial law. Another key task is to strengthen sanctions and external pressure on the economy of the Russian Federation and Belarus to reduce their ability to finance a war in our country," Shevchenko, who signed this appeal, emphasized.

As reported, on March 22, 2022, the National Bank of Ukraine appealed to international banking groups with a call to stop their activities in the Russian market.