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10 Jan 2023


Ukraine: National Bank notes lack of progress on withdrawal of intl banking groups from Russia & asks for support from partner states, regulators

NBU notes lack of progress on withdrawal of intl banking groups from Russia, asks for support from partner states, regulators, 10 January 2023

The National Bank of Ukraine (NBU) will make requests to states and regulators in an attempt to influence international banking groups that remain in Russia despite Russian aggression against Ukraine, the regulator's press service has said...

"We once again publicly appeal to the leadership of international banking groups, by staying in Russia, you have chosen to support the aggressor and his war crimes (...) Therefore, the NBU will make requests to the relevant governments and regulators to initiate a response to the above-mentioned actions of international financial groups," the National Bank said in the release...

The regulator said it has repeatedly appealed to Raiffeisen Bank International, Intensa Sanpaolo, OTP Bank, ING Bank, Credit Agricole with calls to stop doing business in Russia and Belarus, receiving assurances that they "continue to explore all strategic options for the future of their business in Russia, including options for exiting this market"...

The update that has appeared in the public field about the provision by the subsidiaries of foreign banks of preferential lending terms to participants in the so-called "special military operation" is another evidence that the statements made differ from the actual state of affairs, since financial institutions remain active participants in the banking market of the aggressor, competing to increase loan portfolios. In addition, in their materials they openly use the names of the LPR and DPR as separate entities, the NBU said...

The NBU said on this issue it is in solidarity with the position of Ukrainian Foreign Minister Dmytro Kuleba, who clearly stated that international companies that remain operating in Russia are directly financing Russian war crimes and the genocide of Ukrainians.

Part of the following timelines

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Ukraine invasion: Banks & financial institutions seek to cut ties with Russia