Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Business

Ukraine imposes 50-year sanctions on Russian financial sector

A general view of Moscow International Business centre also known as Moskva City, just after sunset in Moscow, Russia March 19, 2022. REUTERS/Maxim Shemetov

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.

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.

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.

(Reporting by Olena Harmash, Editing by Timothy Heritage)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.