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Ukraine intends to expand sanctions against Russia

September 25, 2015, 16:46 UTC+3 KIEV
Kiev is pondering the imposition of additional sanctions against Russian companies, the Ukrainian government wrote in its Twitter
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Ukrainian National Bank building in Kiev

Ukrainian National Bank building in Kiev


KIEV, September 25 /TASS/. The Kiev government intends to expand sanctions against Russia, the Ukrainian government wrote on its page in Twitter.

"Now, we are pondering the imposition of additional sanctions against Russian companies. All the details will come later," Ukraine’s cabinet of ministers said.

Last Thursday, the National Bank of Ukraine reported that it had started working out mechanisms and concrete measures against banks and individuals mentioned in President Poroshenko’s decree on sanctions jointly with the Ukrainian government, Ukraine’s Security Service (SBU) and the Prosecutor General’s Office.

"The National Bank of Ukraine is taking all necessary measures to work out mechanisms of enforcement and monitoring the implementation of personal economic sanctions and other restrictive measures imposed by Poroshenko’s decree," the National Bank of Ukraine said in its address to Ukraine’s banking sector.

The Poroshenko-imposed personal economic sanctions affected 29 Russian banks, including the Bank of Moscow, which has a 100% ‘sister’ in Ukraine - BM Bank (Kiev), and Gazprombank, which used to credit all major Ukrainian enterprises.

Experts believe that the Ukrainian authorities will not dare to expand sanctions on Russian banks in which many Ukrainian companies and individuals keep their money. Besides, the Russian banks in Ukraine can be used as an additional resource for crediting the Ukrainian economy.

"The key risk for us is the loss of Russian capital by all sectors of Ukrainian economy. If that happens, that will deepen Ukraine’s recession; speed up inflation and lead to the collapse of the banking sector. Besides, the Russian side can claim its debts back. Russian banks have credited a considerable part of Ukraine’s economy," analyst Anton Soroko from the FINAM investment holding said.

On September 16, Ukrainian President Petro Poroshenko signed a decree extending a list of sanctions against Russia. It includes 105 legal entities and 388 individuals.

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