Recent US sanctions have hit Russia's financial sector hard – Ukraine's chief banker

The recent large-scale US sanctions have significantly impacted the Russian financial sector.

Source: Andrii Pyshnyi, Governor of the National Bank of Ukraine (NBU)

Details: Pyshnyi highlighted that, just before Ukraine's Independence Day, the United States imposed personal sanctions on 400 individuals and entities, particularly Russian companies and firms from third countries (China, the UAE, and others).

He noted that Ukraine's partners included three major Russian companies on the sanctions list, all significant providers of software and IT solutions for Russian banks and the financial sector:

• Diasoft, one of the developers of the Financial Messaging System for the Central Bank of Russia, which is already subject to EU sectoral sanctions.
• Financial Technologies Centre (FTC), a major provider of IT services for Russia's financial sector, collaborates with the Central Bank of Russia and is the developer of the Russian payment system Zolotaya Korona (Golden Crown).
• ATOL, a payment solutions provider and manufacturer of POS terminals, linked to the Sigmapay service for Russians in Türkiye

"The impact of the sanctions package is already becoming evident: a number of banks in Georgia and Kazakhstan have suspended transfers through the Russian payment system Zolotaya Korona," Pyshnyi said.

The banks stated that the suspension was due to additional checks on links with sanctioned persons in order to comply with international economic sanctions.

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