Parliament strengthens sectoral sanctions against Russian financial institutions

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The Verkhovna Rada supported a resolution on sanctions against all financial institutions of Russia for a period of 50 years. The document also prohibits operations with virtual assets issued by Russian institutions.

The Verkhovna Rada supported a draft resolution introducing sectoral sanctions against all financial institutions in russia. This was reported by UNN with reference to a parliamentary session.

Details

According to Presidential Decree No. 89/2023, sanctions for a period of 50 years have been imposed against all banks registered in russia, including the central bank of the russian federation, non-bank credit organizations, payment system operators, professional participants of the stock market, insurance companies, investment funds, and other institutions.

The Verkhovna Rada Resolution, supported by 312 people's deputies, adds to this list:

  • operators of information systems that issue digital financial assets;
    • operators of investment platforms;
      • operators of financial platforms;
        • operators of digital financial asset exchanges, clearing organizations;
          • professional participants of the stock market, insurance companies registered in russia.

            According to the resolution, a ban is envisaged on the use of platforms, services, software products of financial institutions of the russian federation that carry out operations for the transfer, purchase, sale, exchange, storage, administration and/or provide other services related to the circulation of financial and/or virtual assets.

            A ban is also envisaged on conducting operations with virtual assets issued by financial institutions of the russian federation, virtual assets backed by the russian ruble, or with accounts/wallets of virtual assets that hold such assets.

            Reminder

            EU High Representative for Foreign Affairs Kaja Kallas stated that the 21st package of sanctions against the russian federation has not yet been agreed upon. She hopes to approve 250 sanctions items.

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