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UK Banks Closing Accounts of Companies Doing Business With Ukraine

© AP Photo / Efrem LukatskyA view of Khreshchatyk, the main street, empty, due to curfew in the central of Kiev, Ukraine, Sunday, Feb. 27, 2022
A view of Khreshchatyk, the main street, empty, due to curfew in the central of Kiev, Ukraine, Sunday, Feb. 27, 2022 - Sputnik International, 1920, 16.08.2023
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MOSCOW (Sputnik) - UK banks are forcibly shutting down the accounts of companies doing business with Ukraine due to concerns about sanctions against Russia and money laundering issues, an American newspaper reported, citing a letter from the British Ukrainian Chamber of Commerce (BUCC).
In a letter to UK Treasury Minister Andrew Griffith, co-chair of BUCC Bate Toms said that the chamber had received numerous complaints from firms whose bank accounts had been closed due to their dealings with Ukraine. The letter also said that UK firms were "afraid to trade" with Ukraine due to the risk of having their accounts closed.
"Conducting even one Ukrainian transaction can lead to an account being closed... UK banks generally refuse to open accounts if any Ukrainian trade is contemplated," the letter read.
According to the message, Ukraine was designated decades ago as a "risky jurisdiction for their customers to do business with," which now complicates transactions involving the country. The letter added, however, that "Ukraine has since greatly improved its rule of law."
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There are issues with transactions with regions not controlled by Ukraine due to regulatory obligations, including compliance with Western sanctions against Russia, the report said, citing banks. At the same time, trade with Ukraine in general is not prohibited for UK companies, the paper noted.
If the situation does not change, the economies of the UK and Ukraine will continue to suffer, making Kiev even more dependent on foreign aid, the letter stressed.
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