: :inin Kyiv (EET)

National Bank of Ukraine comments on Russia`s restrictions on money transfers to Ukraine

The decision by the Russian Federation to ban money transfers to Ukraine through the international payment systems without opening an account will not affect Ukraine`s banking system, First Deputy Head of the National Bank of Ukraine Yakov Smoliy told UNIAN.

”I do not think it will have an impact on the banking system because the amount is not insignificant, while Ukrainians are creative enough to find other ways to transfer money,” Smoliy said.

According to the NBU official, over the two months of 2017, some $90 million were transferred to Ukraine from Russia through international payment systems, while the most popular channels for funds transfers without opening an account, which will no longer operate, were Western Union and MoneyGram. However, interbank transfers will continue to work.

”If an individual opens a bank account, the inter-bank settlements are [still] conducted today. On the contrary, now the sender and the recipient of funds will be identified, and the transfers will become more transparent. This will contribute to the deshadowing of economy,” Smoliy said.

He reminded that the National Bank allows citizens studying or working in Russia to open accounts in Russian banks.

Smoliy also noted that the decision by the Russian Federation to ban transfers to Ukraine through the international payment systems is most likely a response to the decision by the National Security and Defense Council of Ukraine to ban Russian payment systems on the Ukrainian territory.


Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Share This

Share this post with your friends!