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Ukraine central bank limits withdrawals, suspends markets after Russian invasion

European Union leaders attend a summit at the Chateau de Versailles near Paris on March 11, 2022. Photo by the European Union/ UPI | License Photo

Feb. 25 (UPI) -- Ukraine's central bank has suspended the currency market in the Eastern European country and took additional steps to limit withdrawals of cash and stop issuing foreign currencies.

The National Bank of Ukraine said the actions are being taken under a declaration of martial law that came after Russia launched an invasion on Thursday.

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The central bank said cash withdrawals will be limited to 100,000 Ukrainian Hryvnia per day, equivalent to about $3,300.

The bank said that financial institutions are working to ensure uninterrupted operation of branches, unless doing so "puts at risk the lives and health of the public."

The central bank also said that ATMs are being replenished with cash to "the extent possible."

"Please stay calm, use only trusted data sources and have confidence in the armed forces of Ukraine," it said in a statement.

The National Bank of Ukraine said that it's also restricting digital money transfers, and ordered electronic money issuers to suspend e-money and the replenishment of e-wallets.

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