The National Bank of Ukraine (NBU) has forbidden local banks and the country's financial institutions to perform any cash transactions using the new banknotes and coins issued by the Russian central bank in case they contain images of any objects "located on Ukrainian administrative territorial units occupied by Russia" or "bear texts related to the occupation of Ukraine’s territories by Russia".
Russia has just issued a new RUB200 note that has images of landmarks in the Crimea, which Russia annexed in 2014.
The ban also applies to the purchase or sale of foreign currency cash between banks. Moreover, the NBU has prohibited the nation's financial institutions and the state-owned post office Ukrposhta from accepting the Russian banknotes and coins, the regulator said in a statement on October 13.
The resolution comes into effect on October 17. The NBU has taken the decision "in order to protect the sovereignty and territorial integrity of Ukraine", the central bank in Kyiv underlined.
On October 13, Ukrainian Prime Minister Volodymyr Groysman expressed his support for the NBU's move. "I completely support this decision by the NBU," Groysman tweeted. "The Russian central bank can use any Russian symbols on rubles but not Ukrainian ones that are under temporary occupation."
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more
Net income at Freedom Holding Corp more than doubles in fiscal 2026
Freedom Holding Corp (Nasdaq: FRHC) slightly more than doubled its net income to $153.3mn in its fiscal year to March 31 from from $76.2mn in the previous fiscal 12 months, the international ... more