On 1 October 2015 the National Bank of Ukraine (NBU) adopted Regulation No. 654 "On ensuring implementation and monitoring of effectiveness of the personal special economic and other restrictive measures (sanctions)". The Regulation is effective from 2 October 2015.
The Regulation relates to the individuals and companies listed in the annexes to decision of the National Defense and Security Council of Ukraine dated 2 September 2015 to which the following sanctions are applicable:
- blocking of the assets;
- suspension of financial operations and financial obligations; and
- prevention of transfer of funds from Ukraine.
The NBU ordered the Ukrainian banks, among others, to:
- provide (by 5 November 2015 and following this date - on a monthly basis) the NBU with information on bank accounts opened by sanctioned persons, balances on such accounts and attempts to carry out the transactions;
- refrain from business relations with particular sanctioned persons;
- suspend financial operations and performance of financial obligations; and
- freeze funds on the accounts of the sanctioned persons.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.