The Interdepartmental Working Group on the Implementation of the Sanctions Policy recommended that proposals be submitted for consideration by the National Security and Defense Council of Ukraine on the application of sectoral sanctions to all financial institutions, including all banking institutions of the Russian Federation and the Republic of Belarus.
According to the Ministry of Economy Ukraine, the application of sectoral sanctions to the financial sector of the Russian Federation and the Republic of Belarus will help to minimize the opportunities and /or risks of avoiding personal sanctions with the involvement of other unauthorized persons, and will also be a powerful signal for foreign countries regarding Ukraine's clear and categorical position in the field of sanctions policy.
After finalization and verification, the National Security and Defense Council will submit proposals for the introduction of personal sanctions against the heads of Russia's largest banks.
According to the Law of Ukraine "On Sanctions", the decision to impose sectoral sanctions is made by the National Security and Defense Council Ukraine, is put into effect by the decree of Prez identity of Ukraine and is approved within 48 hours from the date of issuance of the decree by a resolution of the Verkhovna Rada. The corresponding decision comes into force from the moment the decision of the Verkhovna Rada is adopted and is mandatory for execution.
Recall that on December 16, the decision to introduce the 9th package of sanctions was adopted by the European Union. In particular, the package contains sanctions against Russian banks. The United States has previously imposed sanctions on a number of individuals, including Russian steel industry oligarch Vladimir Potanin.
