NBU Governor Kyrylo Shevchenko has called on the leadership of international nonbank financial groups to suspend all activities of their subsidiaries and branches in russia and join the global push to thwart the aggressor economies’ capability to finance the war in Ukraine.
Any further financial transactions with the institutions based in these countries and any taxes paid into their budgets can and will abet in the commission of war crimes and acts of terrorism against the civilian population of Ukraine, the NBU Governor said in a statement.
The war crimes exposed in the suburbs of Kyiv, the deliberate destruction of entire cities and towns, and the outright propaganda of genocide against Ukrainians provide strong evidence that the sanctions imposed against russia and belarus have not been sufficient. With this in mind, it is critical to bring more pressure to bear on the aggressors to undermine their positions.
By suspending operations in russia and belarus, nonbank financial groups will amplify the impact of the existing economic sanctions imposed by the international community.
“One of the main hotspots of fighting today is the financial front. The NBU is implementing measures intended to ensure the stability of the financial system in Ukraine under martial law. Another key task is to expand sanctions and increase external pressure on the economies of russia and belarus to cripple their ability to finance the war in our country,” said Kyrylo Shevchenko.
As previously reported, the NBU on 22 March 2022 called on the international banking groups to suspend their operations in russia.