Ukraine has completed the nationalization of Sense Bank.

Ukraine’s Ministry of Finance completed the nationalization of Sense Bank JSC from foreign stakeholders controlled by Russian businessmen, including Mikhail Fridman and Petr Aven. Sense Bank was previously known as Alfa-Bank Ukraine and ranked among the nation’s 15 systemically important lenders.

The ministry and the Deposit Guarantee Fund signed an agreement on purchasing 100% of the bank’s shares, meaning Sense has become state property, the ministry said on Saturday.

The European Union and the UK sanctioned Fridman and Aven following the Kremlin’s invasion of Ukraine. Kyiv imposed asset freezes and ended business licenses last year.

In addition, the Ukraine Deposit Guarantee Fund appointed Dmytro Kuzmin as the new head of the bank, the former chairman of the board of Universal Bank.