NBU approves procedure for banks to implement NSDC decision on sanctions

The National Bank of Ukraine (NBU) has approved the procedure for banks to implement the resolution of the National Security and Defense Council (NSDC) concerning the application of personal special economic sanctions against a number of Russian companies, including Yandex and Mail.ru Internet services, and VKontakte, Odnoklassniki social networks.

According to NBU resolution No. 46, banks are not allowed to carry out payment operations for clients, who initiate the transaction, if these clients are on the list of individuals or legal entities, who fall under suspension of fulfillment of economic and financial obligations, the central bank reported on its website.

In addition, it is prohibited to initiate the transfer of funds to the accounts of the above-mentioned persons or to a bank's own accounts opened in the organizations, to which such sanctions are applied.

An exception is the transfer of funds under transactions carried out to increase the authorized capital of Ukrainian banks.

This resolution came into force on June 3.