UK banks shun companies trading with Ukraine

British-Ukrainian Chamber of Commerce Co-Chair Bate Toms writes to U.K. Treasury Minister Andrew Griffith .

Business leaders say British firms are increasingly afraid to trade with Ukraine due to the risk of being de-banked.

Banks insist they must abide by their legal and regulatory obligations, including compliance with sanctions on Russia .

Banks are viewed as the first line of defense against money laundering to prevent dirty money from entering the financial system.

Many SMEs trading with Ukraine predate Vladimir Putin’s invasion in February 2022 , but exporters say they have intensified since the start of the war.

Many of the affected businesses believe banks are simply too risk-averse.