Credit: National Bank Of Ukraine/Flickr (Creative Commons)

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The National Bank of Ukraine (NBU) has urged central banks of various nations to review and cut their ties with all banking entities in Russia and Belarus.

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NBU Governor Kyrylo Shevchenko has also appealed to these regulators to give relevant instructions to all the banks operating under their jurisdiction.

NBU’s appeal is directed at the central banks of Canada, Japan, the UK, the US, Switzerland, and the European Central Bank.

Notably, the US and its allies have already imposed financial sanctions targeting some Russian lenders in retaliation to Moscow’s invasion of Ukraine.

However, the sanctions imposed till now have not been sufficient as Russian banking institutions that are not subject to sanctions continue to act as a source of funding for the war on Ukraine, the NBU Governor noted.

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Shevchenko said: “We highly appreciate the international support we have already received. However, we believe that the review and termination of correspondent relations with all Russian and Belarusian banks will put more pressure on the aggressors and make the most out of the sanctions already imposed.”

Separately, NBU has also reached out to the leadership of SWIFT to cut off the Central Bank of Russia from the global payments messaging system.

“We ask SWIFT to join the international community and increase financial pressure on the aggressor state. We hope for your support and cooperation in saving the lives of Ukrainians and preserving the sovereignty of our country,” Shevchenko’s statement read.