Regular version of site
Skip to content

Operation of Banks of Aggressor State to Be Terminated in Ukraine

The NBU has decided to revoke licenses and liquidate the banks controlled by the Russian Federation: INTERNATIONAL RESERVE BANK JSC owned by Sberbank of Russia PJSC (holding 100% of the bank’s capital) and Joint Stock Commercial and Industrial Bank (Prominvestbank PJSC), with State Development Corporation VEB.RF. holding 99.77% of the bank’s capital. 

“While our army selflessly and bravely defends every bit of our land from Russian aggressors, we cannot allow the “daughters” of the aggressor’s state-owned banks to continue to operate in Ukraine, with Ukrainian money,” said NBU Governor Kyrylo Shevchenko.

Russian Federation, which has been declared an aggressor state, is a shareholder and owns 50,000000004427% in authorized capital of Sberbank of Russia and 100% in authorized capital of State Development Corporation VEB.RF. It means that their Ukrainian subsidiary banks are under indirect control of Russia and its government.

The NBU Board has the right to make such decisions under Resolution No. 19 On the Operation of the Banking System Under Martial Law dated 24 February 2022. The Board of the National Bank of Ukraine made this decision unilaterally and approved Decisions No. 90 On Revocation of the Banking License and Liquidation of Prominvestbank PJSC and No. 91 On Revocation of the Banking License and Liquidation of INTERNATIONAL RESERVE BANK JSC dated 25 February 2022.

For reference

In 2017, the National Security and Defense Council of Ukraine decided to apply sanctions to INTERNATIONAL RESERVE BANK JSC (formerly known as SBERBANK JSC) and Prominvestbank PJSC to prevent siphoning off capital from Ukraine for the benefit of bank’s related parties, in particular their parent entities.



Subscribe for notifications

Subscribe to news alerts