Following the Ukrainian sanctions against the leasing subsidiary of Russian bank Raiffeisen, President Volodymyr Zelenskyy yesterday also placed the CEO of Raiffeisen’s Russian subsidiary bank, Sergey Monin, on the sanctions list.
Monin’s name had previously been on a sanctions wish list of a total of eleven Raiffeisen Group managers published by the state-owned Ukrainian National Agency for the Prevention of Corruption (NASK).
Under Zelenskyy’s current decree, directed against a total of 333 top Russian managers, Monin will not be allowed to do business in Ukraine for the next ten years. Furthermore, any assets in the country will be frozen. As nothing is known about the Ukrainian activities of the bank director, who was born in Moscow in 1973, it is likely that the measure has a more symbolic character.
In addition to a fundamental criticism of Western companies that remain active in Russia despite Russia’s war of aggression against Ukraine, representatives of Ukraine recently privately denounced a credit moratorium. Specifically, such an offer was made to Russian soldiers fighting against Ukraine. Raiffeisen Bank International (RBI) itself justified this offer with legal obligations in Russia.