• According to the Ukrainian issuer, cash withdrawals were limited to 100 million hryvnias. This is equivalent to approximately $3.
• The government has taken measures to ensure that the Ukrainian financial system is protected.
• The president of the Czech Republic has proposed disconnecting Russia from the international payment system while Russia’s leader of the opposition Garry Kasparov expresses that Ukraine should be supported militarily with “weapons, intel and cyber [facilities].”

Ukraine’s Central Bank issued a resolution as part of the government’s proclamation of Martial Law following attacks made by Russian troops by air, land and sea on Thursday 24th against several border towns. This resolution suspends foreign currency cash market.

Local media reported that the measure also restricted cash withdrawals at ATMs in Kiev in Hryvnias (the local currency). These were set to withdraw a maximum of UAH 100 000, or approximately 3300 US dollars.

The resolution of the Ukrainian issuing authority clearly states that any cash transactions using foreign currency electronic money accounts have been suspended effective Thursday, February 24, 2019.

The ban applies to banks that are issuing electronic currency. These operations must be suspended. It also includes replenishment and distribution of electronic money. The restriction on non-cash payment will not apply.

Despite the fact that foreign exchange markets were temporarily closed during hostilities the Central Bank stated in a statement that foreign currency can still be sold to banks. Users will therefore be able exchange euros, dollars and other currencies in exchange for hryvnia to conduct commercial transactions.

It does not include provisions regarding operations using cryptocurrencies or other digital assets.

The Flipside

• Ukraine allowed cryptocurrency trading and mining last year. According to reports, the funds used by the separatist rebels in border regions Lugansk/Donbas may have come from cryptocurrencies.

According to the statement, “appropriate actions are required to ensure reliable and stable operation of the country’s financial systems and maximize the activities of Armed Forces of Ukraine as well as proper functioning of critical infrastructure.”

“Kick Russia out of the SWIFT System”

After the massive attack on Ukraine ordered by Russian President Vladimir Putin, President of the Czech Republic Miloš Zeman, has called upon the international community to sanction the Russian Federation by excluding it from SWIFT in order to disconnect the invading country from the international payment system.

Zeman said solemnly, “I believe the time is right to resort to more harsh sanctions than initially planned.” He emphasized that he was thinking of SWIFT sanctions, which are international financial networks or banks and would have resulted in the Russian Federation being excluded from the payment system.
It is unclear whether the proposed measure will be included in the second wave of sanctions that are being imposed against Russia by the U.S. or the European Union. Olaf Scholz, the German Chancellor, stated that Russia was not to be excluded from SWIFT at all.

Tighten Sanctions Against Russia

Ukraine’s own president, Volodymyr Zelensky, has asked the Western alliance to support sanctions and military action against Russia by announcing that Putin is about to start a “great war in Europe.”

Although Russian opposition leader Garry Kasparov wrote a long thread on his Twitter (NYSE:) account warning about Russia’s actions since 2014, the West did not heed him.

“Western leaders rarely listened to Russian opposition leaders and rarely acted when they listened to us. Do you think it is too much for us to demand that you now listen to Ukraine’s leadership? Chided Kasparov.
Putin was persecuting the former world champion in chess, and political activist, who suggested a number of measures to curb the Russian government’s greedy expansionism. These included the removal of Russia from all financial and international institutions (PACE, Interpol etc).

He said that Ukraine should be supported militarily with weapons, intelligence and cyber facilities “immediately”, “everything but boots (troops) on the ground”. Likewise, he proposes running interference with Russian propaganda by turning it off and silencing it to prevent the “dictator” from continuing to spread hate and lies.

“Bankrupt Putin’s war machine. Kasparov declared that Russia should freeze and seize its finances along with his gang. He also asked for the U.S. to pull out their diplomats from Russia. He stated that Putin must be told to “stop” or “be isolated entirely.”

Why you should care

The consequences of Russia’s invasion of Ukraine became clear on Thursday in stock markets around the world. Stock markets across Asia, Europe, and the U.S. fell, with particular suffering. Meanwhile, oil prices, natural gas, and commodities rose.

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