Cabinet resolution #739 of July 21, 2023
Decision-maker: the Cabinet of Ministers of Ukraine
Status: in effect since July 21, 2023
Who is affected: the National Bank of Ukraine, the Ministry of Finance, the Joint Stock Company Sense Bank, and depositors of Sense Bank
Summary of the resolution:
- the Cabinet accepted the proposal of the National Bank of Ukraine for the Ministry of Finance to participate in the removal of a major bank — the Joint-Stock Company Sense Bank — from the market
- the Ministry of Finance on behalf of the state will buy for ₴1 all shares of the Joint-Stock Company Sense Bank from the Deposit Guarantee Fund
- the corporate rights on the shares of the Joint-Stock Company Sense Bank owned by the state will be managed by the Ministry of Finance.
What is right:
- the state acts in accordance with the law on the improvement of the procedure for removing banks from the market under martial law.
Background information:
- by signing decree #726/2022 in October 2022, President Volodymyr Zelensky enforced the decision of the National Security and Defense Council of October 19 to impose sanctions against 1374 companies and 256 Russian entrepreneurs. Among the entrepreneurs on the sanction list were 256 Russian citizens, including Mikhail Fridman and other owners of Alfa-Bank
- on June 18, 2023, the law on the improvement of the procedure for removing banks from the market under martial law came into effect. There were a number of flaws in the law that were not amended before it was adopted in the second reading.