Zelensky signed a law on the nationalization of systemic banks in the conditions of war

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Альфа-Банк

President of Ukraine Volodymyr Zelensky signed a law (bill No. 8069) on the specifics of withdrawing a systemically important bank from the market under martial law.

The document card indicates that the law was signed on October 26.

As the co-author of the bill, Deputy Chairman of the Finance Committee of the Council, Yaroslav Zheleznyak, specified, the law enters into force one day after its publication.

The Verkhovna Rada supported, in principle and in general, bill No. 8069 on the specifics of withdrawing a systemically important bank from the market under martial law.

The bill proposes to give the Ministry of Finance the right, at the suggestion of the NBU, to participate in the withdrawal of a systemically important bank from the market on grounds that occurred during the aggression against Ukraine carried out by the Russian Federation.

At the same time, the nationalization of a systemically important bank will take place through the procedure of classifying the bank as insolvent, but will not require additional capitalization from the state – the sale of the bank for 1 hryvnia will be carried out regardless of the actual size of the bank’s regulatory capital on the day the NBU makes the relevant decision.

The Fund will not change the size of the authorized capital of an insolvent systemically important bank, denominate the shares of such a bank, and will not exchange the bank’s monetary obligations for shares of an additional issue.

The Verkhovna Rada registered a bill regulating the process of withdrawing a systemically important bank from the market under martial law.

It should be noted that currently the list of systemically important banks includes 14 Ukrainian banks, including all 4 state-owned banks, private Ukrainian banks and banks with foreign capital, in particular Alfa-Bank. International sanctions were imposed on the owners of the last Russian oligarchs Mikhail Fridman and Pyotr Aven.