Russian banks cease operations in Ukraine. This conclusion was reached by the Chairman of the National Bank Jacob Smoliy after analyzing the situation on the market. The main reasons are sanctions and judicial restrictions.

Jacob Smoliy noted that since 2016, the share of Russian banks in the market, as well as the volume of their assets, began to decline. The main problem for them is a ban on the withdrawal of assets from Ukraine, including to Russian parent companies.
Recall that in September, a trial was held in The Hague, which resulted in a decision to impose sanctions on the alienation of the property of the subsidiaries of Russian banks in Ukraine. This sentence gave Kiev the opportunity to compensate for the loss of bank assets in the Crimea.

In his speech, Smoliy also mentioned the fate of VTB. According to him, the liquidation of a financial institution is quite an expected phenomenon. Bank liquidity declined critically, and the parent company did not find a way to help it.

The next steps after declaring the bank insolvent will be the sale of assets and the revocation of a license.

According to Smoliy, the same fate awaits other Russian banks in Ukraine.

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