Ukraine has nationalized Sense Bank, the former Alfa Bank.

The National Bank of Ukraine has decided the financial institution will become the state’s property. The bank had been the largest bank in Ukraine, which belonged to sanctioned Russians, namely Mykhailo Fridman, Petro Aven, and Andrii Kosogov.

In March 2023, the NBU recognized the business reputations of these shareholders of Sens Bank as contrary to Ukraine’s interests and prohibited them from participating in the bank’s management. And in May, the Ukrainian Parliament adopted a draft law for the enterprise’s nationalization, which provides for the transfer of banks owned by sanctioned persons to the state.

Friedman, Aven, and Kosogov cannot sell their shares because Western restrictions have been imposed against them.