Ukraine extends sanctions against two Russian banks

Ukraine's National Security and Defense Council (NSDC) on March 11, 2021, extended sanctions against two Russian banks that were to expire on March 19.

This was announced by NSDC Secretary Oleksiy Danilov at a briefing after an NSDC meeting.

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"As of today, we had two Russian banks under sanctions since 2019, and this period is expiring on March 19. The sanctions have been prolonged for another three years for these two Russian banks," he said.

Previous developments

• In 2017, Ukraine imposed sanctions on five Ukrainian-based banks owned by Russia.
• On the sanctions list were Sberbank of Russia, Prominvestbank, VTB Bank, which went bankrupt, as well as BM Bank, whose banking license was terminated.
• The sanctions suggested restrictions on capital withdrawals from Ukraine in favor of affiliated parties.
• In March 2019, the fifth president of Ukraine signed a decree extending sanctions against Sberbank and Prominvestbank, as only the two banks from the list remained on the market. The restrictive measures were imposed for two years.