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Ukraine's 50-year embargo against Russia

 


It's been a year since Russia invaded Ukraine. On this occasion, the United Nations condemned Russia. In addition to this, Moscow is facing various criticisms including the demand to withdraw troops from Ukraine. Meanwhile, Ukraine has imposed 50-year sanctions against Russia's financial sector. Ukraine's parliament imposed the ban on Thursday (February 23). News agency Reuters.According to reports, on Thursday, Ukraine's parliament imposed comprehensive sanctions on various Russian financial institutions, including Russia's central bank, all of the country's commercial banks, investment funds, insurers and other enterprises, for 50 years.

Kiev imposed the latest sanctions to maintain financial pressure on Russia in the face of a full-scale military offensive. The governor of the National Bank of Ukraine, Andriy Pishny, said on Facebook that the sanctions were imposed to completely cut off the access of financial institutions of the Russian Federation to Ukrainian markets and assets.


He said, 'We should use all the means at our disposal to weaken Russia. Besides, the financial sector (to Russia) is a strategic donor of this war.' 325 deputies of Ukraine's parliament voted in favor of measures to impose sanctions against Russia for half a century.Ukraine's Economy Minister Yulia Sivyridenko said the sanctions imposed by them will harm hundreds of banks and tens of thousands of financial institutions registered in Russia. It includes prohibitions on transactions with entities owned by financial institutions of the Russian Federation, establishment of business relationships, and transactions and investments in Russian financial institutions.


Ukraine, however, has already imposed sanctions on hundreds of Russian officials and businessmen. It interfered with Russian-linked individuals' ownership of land, banned public purchases of Russian goods and certain services, and suspended technology transfers to Russian-linked individuals.


On the other hand, Ukraine has been calling on its Western allies to impose more sanctions on Moscow. Among which this Eastern European country is also demanding measures such as imposing sanctions targeting Russia's nuclear sector.

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