Draft bill #9045 of February 22, 2023
Sponsor: the President
Who is affected: government bodies, businesses, and the financial sector of Russia
Summary of the bill:
- Ukraine imposes sanctions for 50 years on all banks that are registered and located in Russia, including the Central Bank of Russia, as well as on non-bank credit organizations, payment system operators, insurance companies, and investment institutions
- the following sanctions will be introduced:
- all operations with assets owned by Russian financial institutions will be stopped
- establishment and maintenance of business relations and conclusion of agreements with financial institutions of Russia will be prohibited
- it will be prohibited to buy securities issued by the Russian financial sector
- it will be prohibited to transfer dividends and interest and make any other payments to institutions of the Russian financial sector
- Russian bank cards will not be serviced, money transfers will be banned
- registration of Russian international payment institutions and their participants will be annulled, no new registrations will be allowed
- it will be prohibited for natural persons and legal entities to act in any way that violates the sanctions.
What is right:
- the bill is another step towards the final and long-term severing of economic ties with Russia and reorientation of Ukrainian business to Western markets
- the international community will be encouraged to apply similar sanctions.
Additional information: for sanctions to work, it is necessary to introduce penalties for their violation.
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