National Bank of Ukraine: Aggressor’s state banks will no longer operate in Ukraine

These measures concern International Reserve Bank JSC, which is 100% owned by PJSC Sberbank of Russia, and PJSC Joint-Stock Commercial Industrial and Investment Bank (PJSC Prominvestbank), which is 99.77% owned by VEB.RF, a Russian state development corporation.

"While our army selflessly and courageously defends every corner of our land from Russian aggression, we in the central bank cannot allow the subsidiaries of the invading country’s state-owned banks to continue working in Ukraine and operate with Ukrainians’ money," NBU Chairman Kyrylo Shevchenko said.

NBU added that Russia is a shareholder and the owner of 50.000000004427% of the capital of PJSC Sberbank of Russia and of 100% of the capital of the state development corporation VEB.RF.

"Thus, their Ukrainian subsidiaries are under the indirect control of Russia and its leadership.

The Board of the National Bank has the right to make such decisions according to the resolution № 19, "On the peculiarities of terminating banks under martial law" from 24 February 2022, Ukraine’s National Bank explained.

This measure was unanimously approved by the Board of the National Bank and confirmed on 25 February 2022 by decrees № 90-rsh/BT "On revoking banking license and liquidation of Public Joint Stock Company Joint-Stock Commercial Industrial and Investment Bank" and № 91-rsh/BT "On revoking banking license and liquidation of the Joint Stock Company International Reserve Bank".

NBU reminds that in 2017 the National Security and Defense Council  imposed sanctions on International Reserve Bank JSC (formerly Sberbank JSC) and PJSC Prominvestbank in order to prevent the transfer of capital outside of Ukraine for the profit of persons related to those banks, in particular persons involved with the banks’ holding structures.