Ukraine authorises nationalisation of Russia-linked bank

Ukrainian Finance Ministry will assume temporary control of the bank and attract private investors after the end of martial law.

Kiev: The Ukrainian government has adopted a resolution to withdraw the Russia-linked Sense Bank from the market and nationalise it, said the cabinet’s press service.

“The procedure of the bank’s nationalisation, including the appointment of a new management, will be ensured as soon as possible for its smooth operation,” said a statement by the government on Friday.

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The Ukrainian Finance Ministry will temporarily take control of the bank, and seek to attract private investors once the martial law in the country comes to an end, it added.

The resolution was adopted after the National Bank of Ukraine (NBU) proposed to nationalise the bank, saying that the owners of the financial institution are Russian citizens, who were put under Ukrainian and international sanctions, Xinhua news agency reported.

Sense Bank, formerly known as Alfa Bank, is among the largest financial institutions in Ukraine, and is included in the NBU’s list of systemically important banks. Ukraine imposed a series of sanctions against Russian companies and individuals due to the Ukraine crisis.