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Russia’s finance minister slams Ukrainian sanctions on Russian banks as short-sighted

Ukrainian President Pyotr Poroshenko has imposed sanctions against five banks with Russian stakes for a term of twelve months

Russia’s Finance Minister Anton Siluanov Timur Khanov/TASS

Russia’s Finance Minister Anton Siluanov

© Timur Khanov/TASS

MOSCOW, March 16. /TASS/. The sanctions slapped by Ukraine against Russian banks are the authorities’ short-sighted policy that will increase tension in the country and hit Ukrainian depositors, Russia’s Finance Minister Anton Siluanov said in a live broadcast of Rossiya 24 TV Channel on Thursday.

"This is such short-sighted policy. In the first place, the depositors who have brought their money to these banks won’t get their funds back. This means the growth of tension and this tactic does not meet the interests of both business and citizens. That is why, this is a short-sighted decision," the Russian finance minister said.

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Ukrainian President Pyotr Poroshenko has imposed sanctions against five banks with Russian stakes for a term of twelve months. The sanctions were slapped against Sberbank, Prominvestbank, VTB, BM Bank and VS Bank.

The sanctions ban any financial transactions in favor of parent banks, the provision of inter-bank loans, deposits, subordinated loans, funds from correspondent accounts or the payment of dividends and interest.

Currently, VTB and Vnesheconombank (VEB) are actively selling out Ukrainian assets. In particular, VEB plans to sell its subsidiary bank in Ukraine, Prominvestbank, during the first half of 2017 and is holding talks with final buyers.

As VTB Head Andrei Kostin said, BM Bank, which is VTB’s subsidiary in Ukraine, may be sold in the imminent future and there are already buyers for this asset.

Sberbank was the sole lender among Russian state-run banks that had no plans to sell its Ukrainian subsidiary as was numerously stated by Sberbank CEO Herman Gref.

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