The National Bank of Ukraine (NBU) has revised access to its certificates of deposit for banks with sanctioned qualifying holders or qualifying holders required to divest their stakes. Effective 1 December 2026, the rules prohibit affected banks from participating in NBU certificate of deposit tenders and purchasing the certificates from other banks in the interbank market, while setting conditions for restoring access. The category of banks with sanctioned qualifying holders includes banks whose qualifying holders or ultimate beneficial owners are citizens of, or legal entities registered in, a state waging armed aggression against Ukraine. It also includes banks where sanctions apply to the bank, its qualifying holders or its ultimate beneficial owners. Relevant sanctions include those imposed by Ukraine, foreign states other than aggressor states, interstate associations or international organizations. The NBU’s Committee on Banking Regulation and Supervision and Oversight of Payment Infrastructures may restore access to all or some transactions for banks with sanctioned qualifying holders, taking account of their impact on banking system stability. Where the NBU has temporarily suspended those holders’ voting rights and transferred them to an appointed trustee, creditor and depositor protection may also provide grounds for restoring access. Banks subject to divestment requirements may regain access after the qualifying holder’s shares have been divested and a new ownership structure has received NBU approval.
National Bank of Ukraine revises certificate of deposit access rules for banks with sanctioned qualifying holders or divestment orders
The National Bank of Ukraine’s revised rules will prohibit banks with sanctioned qualifying holders or qualifying holders under divestment orders from participating in its certificate of deposit tenders and making interbank purchases from 1 December 2026. Banks with sanctioned qualifying holders may regain access through a supervisory committee decision based on banking system stability or, where voting rights have been transferred to a trustee, creditor and depositor protection. Banks under divestment orders must complete the required divestment and secure approval for a new ownership structure before access can be restored.