Andriy VOYTENKO, Director of the Exchequer Operations Department, Finance and Credit Bank:
“The sanctions implemented by the US, Great Britain, and Germany against Ukraine according to FATF recommendations can mean only one thing for average Ukrainian citizens and entrepreneurs: rise in the price of banking service. This is connected with additional expenses on identifying the clients of the Ukrainian banks, on finding out if the money in question is of legal origin, verifying this information, and other things Western banks will require from Ukraine. In practice this will primarily increase the volume of work with correspondent accounts. Meaning that sending money through the bank for, say, paying for education abroad will be more expensive and complicated. I think that Western banks won’t lose correspondent accounts. However, on the other hand, I’m convinced that they will fulfill the requirements of their legislation, making more active the work of their financial monitoring departments and control over the legality of the money turnover slightly more actively than the authorities of their countries will charge them. Obviously, any bank doesn’t want its reputation to suffer. Without doubt, there is a big share of politics in implementing the sanctions. However, Western bank are not interested in this; they know how to count their money, which, in fact, will stipulate their behavior in strengthening control over financial flows from Ukraine.”
Oleksandr PASKHAVER, President, Center for Market Reforms:
“Definitely, the sanctions against Ukraine implemented by FATF will affect our country’s population, though only in case if they are introduced in full measure. So far we can see only first steps with an unclear continuation. Maybe the work our government conducts with other countries will stop this process or at least hold up it till the FATF session scheduled for February 12. If the government will succeed and the leading countries suspend the sanctions, we might not feel them. But if they are introduced in full measure and FATF session makes a decision to prolong them, this will be rather sensible. Our banking system has already been formed, and Ukraine became country with the priority of market system, where everybody depends on the freedom of financial operations. If somebody puts you in jail — and this is where our country now found itself — you won’t feel at home there.”
Serhiy KIROYANTS, People’s Deputy, member of the Committee on Financing and Banking Issues:
“I believe that in the next three or four months introducing the sanctions will not affect most of Ukraine’s citizens. They don’t make currency transfers, they don’t worry about the slowing down of inter-bank operations or delays in receiving currency. General opinion is that the sanctions will affect mostly average banks and, to a less extent, big finance and credit institutions. In the future everything will depend on the volume and amount of operations brought within eyesight of the financial scouts.”
Viktor HERBEDA, Chairman, the Council of the All-Ukrainian Independent Trade Union of Transport Workers:
“If this measures affect Ukrainian enterprises involved in the foreign economical activity (freezing accounts, tardy money receipt, etc.), this will, in its turn, influence social issues. Any negative influence on industry reflects on the wages. Thus, FATF sanctions can affect the workers’ living standards.”
Vitaly MARHULIS, Director General, Ukrconsulting:
“The sanctions will primarily affect those working at the enterprises- exporters, and then will inevitably influence all Ukrainians. This will also negatively reflect on Ukraine’s import in the beginning of the year. The term of the repressive measures being valid depends on whether the Ukrainian side is able to prove to FATF that we have some differences in understanding the notion, dirty money.
