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Address by the Governor of the National Bank of Ukraine Kyrylo Shevchenko

Address by the Governor of the National Bank of Ukraine Kyrylo Shevchenko

Ukraine continues to put up a heroic fight. With unmatched bravery, Ukraine repels the aggressors who have attacked our country and killed our people.

I thank all those who stand united, act in unison, and keep a cool head in these times of hardship. I thank all those who have mobilized their efforts to defend our state.

The National Bank of Ukraine is monitoring the situation and providing all necessary support to the banking system in these conditions. Rest assured that – financially – we have your back.

The NBU has been doing, and will continue to do, everything in its power to ensure that the System of Electronic Payments operates in normal mode, with no interruptions.

With this in mind, I call on all operators of retail chains and gas stations, large and small: do NOT decline cashless payments.

Because if you do, you will put Ukraine’s people under additional threat. Under martial law, both cash use and cash collection, which are linked inextricably to cash circulation, pose additional risks to everyone.

The banking system continues to provide all the necessary infrastructure and technological solutions for use of POS terminals in payments.

Refusing to accept payment cards is unpatriotic and unforgivable. Especially now that Ukraine is showing the world an unprecedented example of heroism, courage, and unity in the face of evil.

The NBU is determined to act decisively to safeguard the financial stability of Ukraine and provide maximum support for the Armed Forces of Ukraine. Immediately after Russia attacked, we started making rapid decisions that are necessary, during war, to provide the population with funds, conduct cashless payments, ensure the uninterrupted operation of the FX market, refinance banks and the NBU Depository, and more. The NBU has already allocated UAH 51.5 billion in refinancing loans for banks. This is a significant reinforcement of banks’ liquidity. It will enable them to properly meet their commitments to customers.

The NBU has revoked the banking licenses of Russian-controlled banks. In Ukraine, these banks have been terminated. These were International Reserve Bank (formerly Sberbank) and Prominvestbank. We cannot allow the “children” of the aggressor’s state-owned banks to continue to operate in Ukraine, with Ukrainian money.

We also immediately opened a special account to raise funds for the Ukrainian Army. We have already disbursed UAH 450 million to finance the supplies of weapons, equipment, medications, and more. Funds continue to pour in. To mobilize resources for our defense, we have also simplified our AML/CFT procedures so that banks can easily accept cash and credit this money to the special account of the Ukrainian Army, as well as to that of the Armed Forces.

Ukraine appreciates the support of the international community, and the solidarity it is showing today. We have welcomed the news from our diplomats that the final decision to ban Russia from the SWIFT payment system has been approved. 

At the same time, we must press forward with our efforts. This is the first and most important step, and we look forward to further decisive steps and decisions aimed at restricting the aggressor’s access to the global financial system.

Glory to Ukraine!

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