28 February 2022

Ukraine conflict: Ukrainian government opens accounts for donations

by Charles Forrester

Ukraine has created an account for donations to the country's military following the invasion by Russia. (Getty Images)

The National Bank of Ukraine (NBU) opened a special account for the Armed Forces of Ukraine on 27 February and opened deposits to the international community.

“A direct transfer of funds to help the army with a payment card is now available on the NBU's website. We thank the team of this state-owned bank and everyone who is willing to help the Ukrainian army,” said NBU Governor Kyrylo Shevchenko.

Deposits can be made via any bank card through the NBU's website, or through remittances in a variety of currencies through arrangements with banks located in Australia, Canada, Hong Kong, Japan, Poland, Switzerland, and the United States.

According to Shevchenko, the NBU has also simplified its anti-money laundering and combating the financing of terrorism (AML/CFT) procedures so that banks can easily accept cash and credit this money to the special account of the Ukrainian army, as well as to that of the armed forces.

At the time of the announcement, the NBU had been able to facilitate the disbursement of UAH450 million (USD14 million) to the country's military.

Since the beginning of the war, Shevchenko said that the NBU had allocated UAH51.5 billion in refinancing loans for banks, with further support given to ensure the uninterrupted operation of the foreign exchange (FX) market, refinance banks, and the NBU Depository, and more. The European Union (EU) announced on 21 February that it would be granting Ukraine EUR1.2 billion (USD1.35 billion) in loans as part of emergency macroeconomic support. Further economic support is also coming from the United States and other countries.

The National Bank of Ukraine (NBU) opened a special account for the Armed Forces of Ukraine on 27 Fe...

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