Ukraine:
On The Application Of Personal Sanctions By Ukrainian Banks
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By a new Resolution of the National Bank of Ukraine (the
"NBU") No. 654 dated 1 October 2015 (the
"Resolution") a procedure on application of sanctions was
introduced.
The Resolution was adopted in accordance with the Decree of the
President of Ukraine "On application of special
sanctions" (the "Decree"), which introduced a number
of special measures against nearly 90 legal entities and 400 individuals, mostly
from Russia.
According to the text of the Resolution, depending on the
sanction specified in the Decree for the person concerned, banks
shall:
- Refuse to establish business contacts with such person
- Suspend financial transactions and/or their execution
- Suspend execution of financial liabilities
- Take measures to prevent the removal of capital from
Ukraine
- Block funds and stop financial transactions
- Decline to proceed with t other banking transactions
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Welcome to our to the point newsletter. Every month, we are looking back at the most relevant developments in the area of financial regulation in the CEE region.