Ukraine desires JPMorgan, Citi, HSBC prosecuted for war criminal activities: Zelenskyy assistant

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Ukraine wants JPMorgan, Citi, HSBC prosecuted for war crimes: Zelenskyy aide

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Ukrainian president Volodymyr Zelenskyy speaks throughout a joint interview with President of Guatemala Alejandro Giammattei on July 25, 2022 in Kyiv, Ukraine.

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Major U.S. and European banks ought to be prosecuted for “committing war crimes” over their funding of trade with the Russian program, according to a leading assistant to Ukraine president Volodymyr Zelenskyy.

Oleg Ustenko, financial consultant to Zelenskyy, stated the Ukrainian federal government thinks banks, such as JPMorgan, HSBC and Citi, are helping the Kremlin’s war efforts in Ukraine through funding business that trade oil withRussia

“Everybody who is financing these war criminals, who are doing these terrible things in Ukraine, are also committing war crimes in our logic,” he informed CNBC’s Hadley Gamble Tuesday on “Capital Connection.”

JPMorgan, HSBC and Citi did not right away react to CNBC’s ask for talk about those accusations.

Asked straight if he wishes to see these banks prosecuted for war criminal activities, Ustenko stated: “Exactly.”

Ustenko stated Zelenskyy thinks these banks ought to be held liable for extending the dispute and the war on Ukraine.

His remarks can be found in action to a feet report recently, which stated that Ukraine’s federal government composed to the chiefs of U.S. and European banks– such as Jamie Dimon from JPMorgan and Noel Quinn from HSBC– advising them to cut ties with the groups that are trading Russian oil.

We are anticipating that the Ukrainian economy is going to reveal a decrease on the level of around 35-40%, which is a substantial decrease.

Oleg Ustenko

financial consultant to Ukraine’s president

In letters seen by the feet, Ustenko composed to the lenders inquiring to cut off funding for companies that trade Russian oil and offer shares to Gazprom and Rosneft, 2 of Russia’s state-backed oil and gas business.

According to the feet, the letters implicated Citigroup and Credit Agricole of “prolonging” the war by offering financial resources to business that ship Russian oil. The letters likewise apparently cautioned the banks will not be permitted to participate in the restoration of Ukraine when the war is over.

CNBC did not right away hear back from Credit Agricole when inquired about those accusations.

Ukraine’s federal government is collecting all the proof to send it to the International Criminal Court, Ustenko informed CNBC.

“We are collecting all these information” in regards to business that are funding Russia, he stated. “Our Ministry of Justice and our security service of Ukraine are collecting. And then later, this is going to be passed to the ICC,” he included.

This isn’t the very first time that Ukraine has actually pursued Western business for having organization transactions with Russia.

In March, the federal government was extremely vital of huge oil business for still working with Russia, and cautioned that a few of those companies might discover themselves on the incorrect side of history.

Read more about energy from CNBC Pro

Ustenko stated the war has actually taken a substantial toll on Ukraine’s economy considering that Russia’s intrusion started onFeb 24.

“Currently, we are expecting that the Ukrainian economy is going to show a decline on the level of around 35-40%, which is a huge decline,” he stated.

He stated the decrease was since almost 50% of business “are not operational now or not able to operate at full capacity.”

“When the economy is declining, then the budget revenues are decreased. Again the reason for that is the Russian invasion,” he included.