Ukraine Threatens to Collapse Its Own Banking Sector to Spite Russia
This is what mental health professionals might call "needlessly self-destructive"
Anything worth doing is worth doing right.
Kiev now seems determined to sever all remaining links to civilization, so that it can ride off into the sunset towards ultra-nationalist dystopia.
The Ukrainian war against common sense is now being fought on all fronts. In Donbass, Kiev is committing ISIS-style war crimes. Meanwhile, in the capital, Ukrainian officials are busy drawing up plans to destroy their own economy — in order to "spite" Russia.
The National Bank of Ukraine warned last week that it would initiate sanctions against Sberbank's Ukrainian subsidiary if the bank accepts passports issued by the self-proclaimed Donbass republics.
But Ukraine's "real" patriots have different ideas:
Internal Affairs Minister Arsen Avakov went a step further, saying that Sberbank should be expelled from Ukraine altogether. Radical Party parliamentary faction leader Oleh Lyashko meanwhile has demanded that all Russian commercial banks, including Sberbank, should be banned from operating in the country "immediately."
This wouldn't even be a Pyrrhic victory against Russia. It would be brazenly suicidal.
Financial analyst Alexei Antonov explains:
In total, Russian banks occupy about 10% of Ukraine's total market in banking services. Any efforts to sanction or even ban them could lead to a cascade effect affecting the whole sector, leading to a collapse not just of the banking sector but of the entire economy.
Anatonov added that "Sberbank's withdrawal from Ukraine would not pass unnoticed by society, or the country's economy. The bank's considerable assets, including 11.4 billion hryvnia (about $425 million) in savings by citizens, and 7.4 billion hryvnia ($276 million) by commercial entities, would result in tremendous political problems for Kiev as well."
Russian banks have repeatedly come under attack by balaclava-clad Ukrainians. In November of last year, a Sberbank office was torn apart in Kiev by a mob of "patriots".
You would think that attacking banks with baseball bats would be the low-point of your civilization.
Not if Ukraine can help it. Let the great national suicide begin — just so long as Russia feels the sting!
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