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Ukrainian president extends sanctions against Russian banks

March 07, 2018, 8:46 UTC+3 KIEV

The ban also concerns distribution of profits and capital of these five banks

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© Mikhail Palinchak/Presidential press service/TASS

KIEV, March 7. /TASS/. Ukrainian President Pyotr Poroshenko has put into force the March 1 decree by the country’s National Security and Defense Council to extend sanctions against Russian banks by another year, the presidential press service said.

"Appropriate measures are to be taken against legal entities for another one-year term," the presidential decree reads.

The president also tasked the Ukrainian Foreign Ministry with informing relevant agencies in the European Union, the United States and other countries about the sanctions and suggesting that they introduce similar restrictions.

In March 2017, Ukrainian President Pyotr Poroshenko imposed sanctions against five banks with Russian state capital operating in the Ukrainian market. Sanctions were introduced for a year against Sberbank, VS Bank, Prominvestbank, VTB Bank and BM Bank (owned by VTB).

The sanctions include a ban on withdrawal of funds outside of Ukraine, as well as payment of dividends, interest, return of interbank deposits and loans, funds from correspondent accounts of subordinated debt. The ban also concerns distribution of profits and capital of these five banks.

The national security and defense council of Ukraine (NSDC) extended those sanctions on Thursday, March 1, 2018.

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