Sectoral sanctions against the financial sector of Russia

Draft bill #9045 of February 22, 2023 

Sponsor: the President 

Status: passed 

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.