The National Bank of Ukraine has streamlined requirements for banks for dealing with persons listed in the annexes to the Resolution of the  National Security and Defense Council of Ukraine of 28 April 2017 On Application of Personal Special Economic and Other Restrictive Measures (Sanctions)*.

The appropriate amendments to this effect are provided for by NBU Board  Resolution No. 46 of 1 June 2017 On Amendments to NBU Board Resolution No. 654 of 1 October 2015. The resolution shall come into effect  on the day following its official publication.

In particular, banks are prohibited from :

• executing payment documents of the customers placed on the sanction list that initiate money transfers against whom sanctions are applied, including “the suspension of performance of economic and financial obligations”; and
• initiating money transfers to the accounts of persons placed on the sanction list against whom sanctions are applied, in particular, “the suspension of performance of economic and financial obligations” and/or money transfers  to the bank's own accounts opened with  entities targeted by sanctions, in particular, “the suspension of performance of economic and financial obligations” except for money transfers executed to increase  the authorized capital of Ukrainian banks.

* - enacted by Presidential Decree No. 133/2017 of 15 May 2017.