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The National Bank of Ukraine announced a series of restrictive measures after Russia launched a military operation against the country, which led it to invoke martial law.
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As per Wall Street Journal’s report, Ukraine’s central bank has put a cap on cash withdrawals, suspended the country’s currency markets, and halted the issuance of foreign currencies to the citizens.
Cash withdrawals in Ukraine were capped at UAH100,000 ($3,339.13) and the central bank also decided to fix the official exchange rate for 24 February.
Additionally, Ukraine’s PFTS Stock Exchange postponed the activities citing the emergency.
Furthermore, the central bank of Ukraine blocked payments to entities in Belarus and Russia and stopped operations dealing with their currency.
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By GlobalDataEarlier this week, Russian President Vladimir Putin recognised Donetsk and Luhansk in eastern Ukraine as independent. The move was followed by Russia’s military action on Ukraine.
In response to Russia’s move, the US and the UK governments have imposed major sanctions on key Russian banks, entities, elites, and their family members.
Sberbank, VTB Bank, Bank Otkritie, Sovcombank OJSC, Novikombank, AlfaBank, Credit Bank of Moscow, Gazprombank and Russian Agricultural Bank are among those being targeted.
Meanwhile, the US and the European Union decided not to cut off Russia from SWIFT, a global network used by banks to send and receive payment orders or information, Reuters reported.
Responding to a question on SWIFT, German Chancellor Olaf Scholz said: “It is very important that we agree those measures that have been prepared – and keep everything else for a situation where it may be necessary to go beyond that.”
