British banks close accounts of companies trading with Ukraine

London, Aug 16 (Prensa Latina) Several British banks are closing the accounts of companies that trade with Ukraine due to fears caused by Russian sanctions and money laundering, local television reported on Wednesday.

August 16, 2023
11:12

The source stated that conducting even one Ukrainian transaction can lead to an account being closed.

British-Ukrainian Chamber of Commerce Co-Chair Bate Toms said firms are afraid to trade with Ukraine from the United Kingdom for fear that their accounts may be closed.

According to the official, banks state that direct trade with Ukraine is not banned; transactions with some firms in non-controlled Kiev territories are complicated, mainly because of possible transaction delays.

Toms stated that if small and medium-sized businesses cannot trade with that country from British territory, the economies of both nations will suffer, and Kiev may become even more dependent on foreign aid.

mh/iff/oda/amp