March 22, 2017 / 6:37 PM / in 9 months

Ukraine says sanctions on Russian banks to start from Thursday

KIEV, March 22 (Reuters) - Ukraine’s central bank said sanctions against subsidiaries of Russian banks will take effect from Thursday, and will include prohibitions on financial operations that benefit the banks’ parent structures.

The central bank has previously said the restrictions will ban the banks from taking money out of Ukraine.

Five Russian state-owned banks are present in Ukraine with a combined market share of 8.6 percent and liabilities of 36 billion hryvnia ($1.3 billion). Sberbank, VEB and VTB are among the top 20 largest lenders.

The banks have already been banned from increasing their assets and deposits following a breakdown in relations between Ukraine and Russia in 2014 due to Moscow’s annexation of Crimea and support for pro-Russian separatists. (Reporting by Natalia Zinets; writing by Matthias Williams; Editing by Catherine Evans)

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