Banks overcome consequences of Russian missile attacks this spring – expert’s opinion

The banking system proved to be quite prepared, having endured Russian missile attacks on Ukraine’s energy infrastructure in March-April 2024. However, some difficulties were observed in the operation of bank offices in the most affected settlements.

The relevant statement was made by Globus Bank Board Chairman Serhii Mamedov in a commentary to Ukrinform.

“Of course, it is quite difficult to calculate the insidious actions of the unpredictable enemy. But, in order to ensure the acceptable operation of bank offices, the easiest thing to do is simply to equip them with optimal power generators. Between October 2022 and April 2023, Ukraine already lived through the six-month ‘period of generators’, and the experience gained had proven that, even in the difficult circumstances, the operation of bank offices barely changed (excluding those cities where temporary restrictions and power outage schedules were introduced following Russia’s March and April attacks),” Mamedov told.

In his words, bank offices will suspend operation only in the worst and most challenging scenario, when the war threat becomes overwhelming and the need to evacuate civilians arises.

According to the expert, power supply interruptions caused by Russian missile terror should be seen as temporary. Firstly, more than two-thirds of bank offices in Ukraine are connected to the Power Banking system, which ensures uninterrupted power supply, unhindered access to the Internet, necessary banking operations, enhanced cyber protection against hacker attacks, general safety for citizens staying in the bank office, etc.

Secondly, in case of possible interruptions in the work of mobile network operators, the client’s digital signature was implemented in the banking applications, which will not require an additional SMS confirmation to debit funds. The list of communication means was also expanded, mainly with the messengers to which the client’s mobile phone number is linked.

Thirdly, most banking operations can be conducted remotely, through the banking applications, from simple money transfers to payment by instalments, the opening of deposits, payment cards, international money transfers with a minimum fee, taking out a loan, etc.

A reminder that, on March 21-22, 2024, Russia launched the largest attack on Ukraine’s energy infrastructure. Nevertheless, the Ukrainian energy system is remaining generally stable.