Business news from Ukraine

monobank and other banks to return seizures of customer funds because of new law

9 May , 2023  

Virtual monobank, as well as other banks, will return arrests temporarily removed after the start of the war on the funds in the accounts of some customers in connection with the entry into force of the law “On amendments to some laws of Ukraine on certain specific features of the organization of compulsory execution of court decisions and decisions of other bodies during martial law”.
“Since the law came into force, we have to return the arrests that were removed during martial law. This will affect ~436 thousand of our clients,” said the co-founder of the bank Oleg Gorokhovsky.
He specified that this law cancels the action of the Cabinet of Ministers, which removed the arrests of the executive service in the amount of less than 100 thousand UAH during martial law.
“The new law allows customers with arrests to use the amount of two minimum wages (13.4 thousand UAH) on the condition that the client applied to the executor and the latter, in turn, sent us a resolution to remove the arrest in the amount of 13.4 thousand UAH on one of the accounts of the client,” – said Gorokhovsky.
According to him, nothing can be done about it, and all banks will comply with this norm.
At the beginning of March this year, Gorokhovsky said that the number of bank customers exceeded 7 million last week.

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