Ukrainian banks won’t be affected by state of emergency – central bank

23 February 2022, 11:30 PM

Even if a state of emergency is introduced in the country due to Russian aggression, Ukrainian banks will continue to work as usual, the National Bank of Ukraine has told NV Business.

 “All payment systems, access to funds, and banking operations as a whole continue as normal. The NBU has adequate reserves to support banks with cash,” the central bank’s press service said.

The issue arose after the National Security and Defense Council requested that the Ukrainian parliament declare a state of emergency throughout Ukraine, except for the Luhansk and Donetsk oblasts, which are already under a military-civilian administration.

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Russian President Vladimir Putin on Feb. 21 recognized the independence of the two Russian self-declared statelets in the non-government-controlled parts of Ukraine’s Donbas region, and immediately ordered Russian troops into Ukrainian territory on a self-proclaimed “peacekeeping” mission – in fact an invasion of Ukraine. Thus, Russia unilaterally withdrew from the Minsk agreements, Ukrainian officials say.

This happened amid an escalation in the Donbas provoked by Russia and the threat of a further invasion of Ukraine by Russia.

In response, the Ukrainian Foreign Ministry has already proposed to sever diplomatic relations with the Russian Federation, as Kyiv and the world community condemned the Kremlin's decision, while the United States, United Kingdom, Germany and the European Union have announced the first sanctions as a result of Russia's violation of international law.

The upper chamber of the Russian parliament on Feb. 22 granted Putin the power to use Russian armed forces abroad.

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