The National Bank of Ukraine has issued Resolution No.276 intended to enforce
personal special economic sanctions and other restrictive measures against
individuals allegedly linked to Ms Nadia Savchenko’s, Mr Oleh Sentsov’s and Mr Oleksandr Kolchenko’s illegal
incarceration. The list of these individuals was established by the
Resolution of the National Security and Defense Council of Ukraine (the NSDCU)
of 25 March 2016 and was enacted by Decree of the President of Ukraine No.
121/2016 of 29 March 2016.
The National Bank has obliged banks within a three-day
period to provide information on bank accounts and account balances of 84
individuals included in the sanction list indicated in annexes to the NSDCU
Resolution.
Banks are required to submit monthly to the
NBU information about account balances held by individuals and legal entities
included in the sanction list and notify the regulator of any attempts by
them to perform financial operations.
It should be noted that the Resolution of the National Security
and Defense Council of Ukraine clearly sets forth which restrictive
measures shall be applied in each case. A number of law enforcement officials
from the Russian Federation, including judges, investigation officers and
prosecutor are included in the sanction list.
In October 2015, the NBU has developed the guidelines
governing the application of sanctions imposed by the NSDCU by the banking
system and exercises close control over the enforcement of these sanctions.
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