• Friday, June 14, 2024
businessday logo

BusinessDay

Russia – Ukraine conflict: Ukraine urges International banks to leave Russia

Russia – Ukraine conflict: Ukraine urges International banks to leave Russia

Ukraine’s central bank chief has urged international banks to cease all business in Russia and join international efforts to reduce Moscow’s ability to finance its invasion.

Financial Times reported that Kyrylo Shevchenko, governor of the National Bank of Ukraine in a statement urged the banks’ to cease operations in Moscow as continued patronage posed additional reputational risks for the organizations not only in their country but in Europe as a whole.

“Continuing to work in Russia may pose additional reputational risks for your organizations not only in our country, but in Europe as a whole.

“In its fight against the occupier, Ukraine has received support not only from most European governments and representatives of the international business community, but also from civil society in the countries,” the statement read.

Read also: Zelensky, Ukraine, and lessons for Nigerian leaders

The statement further cited “the widening geography of hostilities and acts of terror against civilians” by Russia’s armed forces and concluded that current sanctions “so far are ineffective”.

“In view of this, it is important to further increase the pressure on the aggressor to weaken his position. The cessation of banking groups in the Russian market, which are leaders in the global financial services market, will increase the impact of economic sanctions already imposed on Russia by the world community,” the statement added.