President of Ukraine Volodymyr Zelensky has signed the law that allows nationalization of the banks of national importance during the martial law.

As reported on the Verkhovna Rada website, the law is aimed to specify the withdrawal of systemically important banks from the market under martial law.

Yaroslav Zhelezniak, deputy chair of the Finance Committee of the Verkhovna Rada, noted that the law would enter into force on October 27. The parliament adopted the law on October 6.

Earlier, PrivatBank was nationalized according to a similar scheme. Nationalization of systemically important banks occurs if the state suspects the structure of deteriorating solvency.