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U.S. Markets

Ukraine says it will extend sanctions against Russian banks

KIEV (Reuters) - Ukraine’s Security and Defence Council said on Thursday it had extended sanctions that had been due to expire in March against the Ukrainian subsidiaries of Russian state-owned banks.

Four such banks still operate in Ukraine, including arms of Sberbank SBER.MM, VEB and VTB VTBR.MM, which are among Ukraine's 20 largest lenders. The sanctions include a ban on removing money out of Ukraine.

In a statement, the council said it supported “a suggestion from the central bank to extend the activity of personal, special, economic and other restrictive measures (sanctions) against banks with Russian capital”.

The market share of Russian state-owned banks operating in Ukraine has fallen to 5.6 percent from more than 10 percent in the last three years, according to data cited by President Petro Poroshenko.

Reporting by Natalia Zinets; writing by Matthias Williams; Editing by Peter Graff

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