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News > Ukraine

Ukraine Nationalizes Russia-Linked Sense Bank

  • A branch of Sense Bank.

    A branch of Sense Bank. | Photo: Twitter/ @globeandmail

Published 21 July 2023 (7 hours 20 minutes ago)
Opinion

This bank's majority shareholder is the billionaire Mikhail Fridman, who has been the target of Western sanctions for keeping ties with Russia.

On Friday, the Ukrainian government adopted a resolution to withdraw the Russia-linked Sense Bank from the market and nationalize it.

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"The procedure of the bank's nationalization, including the appointment of a new management, will be ensured as soon as possible for its smooth operation," the Ukrainian government stated.

The Finance Ministry will temporarily take control of the bank, and seek to attract private investors once the martial law in the country comes to an end, it said.

The resolution was adopted after the National Bank of Ukraine (NBU) proposed to nationalize the bank, saying that the owners of the financial institution are Russian citizens, who were put under Ukrainian and international sanctions.

Sense Bank, formerly known as Alfa Bank, is among the largest financial institutions in Ukraine, and is included in the NBU's list of systemically important banks.

Regarded as the main commercial lender operating in Ukraine, Sense Bank is owned by ABH Holdings, an institution through which billionaire Mikhail Fridman controls 33 percent of the bank's shares.

Born in Ukraine, this Russian-Israeli businessman is under Western sanctions for allegedly maintaining ties to the Kremlin after the start of the special military operation.

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