Ukraine Imposes 50-Year Sanctions On Russian Financial Sector

Kyiv: In a bid to maintain financial pressure on Russia over its full-scale invasion, Ukraine’s parliament on Thursday imposed sweeping 50-year sanctions on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises.

“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.