Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The Ukrainian government is looking to seize the financial assets of the local subsidiaries of Sberbank and VEB.RF.

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The National Bank of Ukraine governor Kyrylo Shevchenko said that last month, the NBU sent a letter to the Cabinet of Ministers proposing to seize the financial assets of Sberbank and Prominvestbank, which is owned by VEB.RF.

The seizure can fetch around UAH26bn ($889m), which can be sent to the revenue of the state, Shevchenko said in an interview with Ekonomichna Pravda.

These assets include government bonds, cash, and deposit certificates.

Notably, Ukraine had revoked the licenses of Sberbank and Prominvestbank soon after the war began.

“And today we understand that the next step should be the forced withdrawal of these assets,” Shevchenko told the publication.

The NBU governor noted that before they can proceed, the Ukrainian customers of these lenders must receive their deposits.

Speaking about Forward Bank and Pinbank, which are also controlled by Russian owners, Shevchenko said they do not have a significant impact on the market.

Regarding the Ukrainian ALPHA-BANK JSC, which is not subject to sanctions, the NBU chief reiterated the lender’s importance for the country’s banking system.

ALPHA-BANK JSC holds over 6% of all retail deposits in Ukraine and serves 2.6 million customers.

Shevchenko stated that their “task is to act in such a way that millions of Ukrainian depositors do not suffer.”

The NBU governor also called on the bank’s shareholders to find solutions for the situation, which could be a sale as well.