Pyshnyi on the impact of sanctions on russia: especially noticeable for the financial sector

US sanctions against Russia have become particularly noticeable for the financial sector, with a number of banks in Georgia and Kazakhstan suspending transfers through the Russian payment system Zolotaya Korona. This was stated by the head of the National Bank Andriy Pyshnyi, UNN reports .

We have the first results of the recent large-scale package of US sanctions, which have been particularly noticeable for the financial sector of the Russian Federation,

Details

Pyshnyi says that on the eve of Ukraine's Independence Day, the United States imposed personal sanctions on 400 individuals and legal entities, including Russian enterprises and companies from third countries such as China and the UAE. These companies operate in sectors of the economy that are strategically important to Russia and are involved in sanctions circumvention schemes. Export control measures have also been strengthened.

It is important to note that the sanctioned companies include three Russian firms that are leading providers of software and IT solutions for the banking and financial sector:

1. "DiaSoft is one of the developers of the Financial Messaging System of the Central Bank of Russia, which is subject to EU sectoral sanctions.

2. "CFT is a major provider of IT services for the financial sector in Russia, cooperates with the Central Bank of Russia and is the developer of the Russian payment system Zolotaya Korona.

3. ATOL is a payment solutions provider and manufacturer of pos-terminals associated with the Sigmapay service for Russians in Turkey.

These sanctions are the result of fruitful negotiations between the Ukrainian team with the participation of the NBU representatives and the US sanctions team. We appreciate the efforts of our partners in strengthening and updating approaches to putting pressure on the financial sector of the Russian Federation by sanctioning companies that provide IT support to the sector,

The NBU Governor emphasized that the U.S. Treasury Department has also drawn attention to the risks associated with the opening of new representative offices of Russian banks in other countries. They called on foreign financial institutions and governments to be cautious when authorizing Russian banks to open branches in their countries, as this could create high risks for financial systems in connection with compliance with sanctions.

We are already seeing an almost immediate effect of the sanctions package: a number of banks in Georgia and Kazakhstan have suspended transfers through the Russian payment system Zolotaya Korona. According to the banks, the suspension is due to additional checks on the connection with sanctioned persons in order to comply with international economic sanctions,

Recall

The United States of America has warned states that trade with Russia of the risk of being subject to secondary sanctions if they allow Russian banks to open local branches to finance the Kremlin's military-industrial complex.