NBU Governor Kyrylo Shevchenko has addressed the European Commission and central banks of Japan, the United Kingdom, the U.S., and the EU, requesting to impose a sweeping ban that will forbid financial institutions based in these countries and their counterparties to process payments in the russian and belarusian rubles. Transactions to open ruble-denominated accounts and exchange the ruble for other currencies must also come under the ban.
The sanctions imposed on russia by international partners of Ukraine have undoubtedly been unprecedent. However, as russia continues military actions, the international community must increase pressure on the aggressor. Russia keeps on looking for ways to mitigate economic effects of the sanctions, which, in particular, have put a freeze on russian assets denominated in dollars and euros. The aggressor is making every effort to convert its trade in energy and other natural resources into rubles, trying to generate additional demand for its domestic currency and thus shore it up, the appeal says.
A ban on making settlements in rubles would derail russia’s plan to switch to being paid in its domestic currency. This step would only preserve the status quo in trade settlements with russia, stressed Kyrylo Shevchenko.