The NBU leadership took part in the extraordinary meeting of the Vienna Initiative (VI) Steering Committee on 11 March. The meeting was initiated by VI members due to the urgent need to support Ukraine as it repels russia’s military aggression.
The meeting focused on the options to provide financial support both directly to Ukraine and indirectly to Ukrainian refugees. The participants also discussed the impact of the war on Ukraine and the effects of sanctions imposed on russia on the banking groups in Central, Eastern, and South-Eastern Europe.
NBU Deputy Governor Sergiy Nikolaychuk called on the participants to join the push to combat russia on the financial front.
“Some of the VI participants are banks still operating in russia. They say that it is unviable for them to exit the russian market. Furthermore, some financial institutions are finding ways to ease the impact of sanctions. This, of course, indirectly contributes to russia’s military assault, the destruction of Ukrainian cities, and the killing of civilians, including children and the elderly.
I appeal to all of you today not to stand idly by as russia commits war crimes in Ukraine. Each of you can contribute to stopping the bloodshed and the suffering of Ukrainians, who are defending not only their independence, but also the fundamental values and principles of the free world,” said Sergiy Nikolaychuk.
During the meeting, the NBU leadership also spoke about the measures taken to ensure the smooth operation of the Ukrainian financial system under martial law and thanked all international partners for their support and cooperation.
The VI was launched in January 2009, in the midst of the financial crisis, to coordinate efforts in crisis management and financial sector regulation in Central, Eastern, and South-Eastern Europe (CESEE).
The VI brings together participants from the public and private sectors. Its members are:
- international financial institutions (EBRD, EIB, IMF, World Bank)
- EU institutions (European Commission, ECB as a supervisor)
- large multinational banking groups of home and host countries
- top European banking groups operating in the emerging markets.