Ukraine imposes 50-year sanctions on Russian financial sector

Ukraine imposes 50-year sanctions on Russian financial sector
# 23 February 2023 18:18 (UTC +04:00)

Ukraine's parliament imposed sweeping 50-year sanctions on Thursday on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises, APA reports citing Reuters.

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

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