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Ukraine to extend sanctions on units of Russian state-owned banks

The National Security and Defense Council of Ukraine supported the proposal of the National Bank of Ukraine to extend sanctions against the local units of Russian state-owned banks, which are set to expire in March.

Introduced one year ago, the sanctions ban Ukrainian subsidiaries of PAO Sberbank of Russia, JSC VTB Bank and Vnesheconombank from transferring capital to parents and affiliated parties outside of Ukraine.

The market share of Russian state-owned banks present in Ukraine fell to 5.6% from over 10% in the last three years, Reuters noted March 1, citing Ukrainian President Petro Poroshenko.