Russian banks trying to circumvent sanctions - Yermak

Sanctioned Russian banks are trying to circumvent the restrictive measures imposed on them.

Andriy Yermak, head of the Ukrainian President's Office, said this in a statement posted on Telegram, Ukrinform reports.

"The fifth package of EU sanctions affected the four largest banks in Russia, which allowed their customers to trade in securities. After the imposition of sanctions, such procedures are prohibited. But the sanctioned Sberbank, VTB, Alfa-Bank and Otkritie transfer the foreign assets of their clients to brokers," he said.

According to Yermak, Sberbank's broker will transfer clients with foreign securities to the investment companies BKS and ATON. He stressed that other sanctioned banks are preparing to take the same steps.

Yermak said that Ukraine supports the introduction of sanctions against BKS and ATON.

"Our National Securities and Stock Market Commission will monitor every attempt by Russians to circumvent sanctions, and we and our Western partners will respond promptly. All loopholes will be closed to the aggressor," he said.

On March 29, President Volodymyr Zelensky announced the creation of a group of experts at the President's Office to analyze the impact of sanctions against Russia.

On February 24, Russia launched a new phase of the war against Ukraine, with Russian invaders shelling and bombing peaceful cities, towns and villages in Ukraine, torturing and killing civilians.

The US, EU and other countries continue to impose sanctions on Russia.