Ukraine's National Bank recommends banks to avoid risky countries for cross-border transportation of valuables following an abduction incident involving Ukrainian guards in Hungary.
The National Bank of Ukraine has issued a recommendation to banks involved in the cross-border transportation of valuables to adjust their routes and refrain from traveling through countries that pose a risk to their shipments. This guidance comes in the wake of an incident where Ukrainian cash-in-transit guards were abducted in Hungary, raising concerns over safety in certain regions. The bank emphasizes the importance of securing cross-border operations to protect both personnel and financial assets.
Andrii Pyshnyi, the head of the National Bank of Ukraine, communicated the necessity for banks to be vigilant about their transportation routes. In conversations with various banks executing these operations, he stressed the need to avoid areas where shipments could be compromised. Pyshnyi underscored the bank's full support for Oschadbank’s measures aimed at safeguarding its employees during these trips, highlighting the ongoing risks associated with cross-border cash transport that have intensified since Russia's invasion of Ukraine.
Historically, transporting cash overland had become a common practice for Ukrainian banks since early 2022 due to the escalating conflict. This abduction incident serves as a reminder of the perils that accompany such logistical operations in the region, prompting the National Bank to take a proactive stance in ensuring the safety of assets and personnel involved in these sensitive transportations. The broad implications of this recommendation could reshape how financial institutions conduct operations in unstable areas.
