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The war in Ukraine: What we do at Danske Bank

Danske Bank is following the tragic situation in Ukraine closely, and our thoughts are with all those affected by the war in Ukraine.

We support our customers with advice and ongoing expertise related to our customers’ activities and finances, and we comply with the sanctions imposed by the UN, the EU and the UK, and the US. In addition, Danske Bank has taken a number of other initiatives – read more about them on this page.

We are all dismayed by what is happening in Ukraine. There is war in Europe. This is something that affects us all deeply and I would like to express my deepest compassion with everyone affected by the Russian invasion of Ukraine.

The Russian invasion goes against everything Danske Bank stands for, and as a bank and part of the global financial system, we have a key role to play in ensuring that the sanctions imposed on Russia are implemented in a timely and expedient manner.

Carsten Egeriis

CEO, Danske Bank

Sanctions & other initiatives

Danske Bank have no physical presence in Russia. We do not hold Russian assets in the bank's treasury and will not acquire or invest in such assets.

We have decided to exclude Russian government bonds and Russian state-owned enterprises from our investment portfolios and products. The implementation has been executed in a way and to an extent that is consistent with our fiduciary duty and will among other things be subject to client contracts and mandates, fund boards and other formal approvals as well as our ability to transact in the market place.

In line with our Financial Crime Policy, Danske Bank observes relevant sanctions regimes in all jurisdictions where we operate and to which we are exposed.

We observe UN, EU, UK sanctions and US sanctions to the extent they have relevant implications for the Group’s business activities. In addition, we may adopt additional restrictions based on overall financial crime risks. Specifically, regarding the EU, US and UK sanctions enacted in response to Russia’s invasion of Ukraine, Danske Bank will comply with the new restrictions.

More on what sanctions are



UN

More info

US

More info

EU

More info

UK

More info

Customers

The war in Ukraine is tragic from a human point of view. It may seem hard to talk about the economy in such a situation, but the war also affects the global economy, and as a bank, we have a responsibility to our customers and society to ensure that our customers get the right advice on how to handle the consequences as best they can. Therefore, we are ready to provide advice to customers who need it, and we publish knowledge and insights on an ongoing basis.


Sanction Circumvention

Sanctions have long been integral to EU’s foreign and security policy. However, heightened risks of circumvention regarding Russian sanctions have led to the introduction by the EU of particular measures to effectively enforce the extensive sanctions against Russia.

According to the EU sanctions regulations, it is prohibited to participate in activities the object or effect of which is to circumvent prohibitions in this Regulation. Businesses should among other things be aware of the increased risk of their items being re-exported to Russia without their knowledge and take necessary measures. Danske Bank is taking all reasonable measures to identify, stop and report sanctions circumvention. Therefore Danske makes every effort to establish reasonable measures to identify, escalate, investigate, and report sanctions circumvention to ensure compliance with the relevant regulation.

Donation

People across the bank are eager to give a helping hand. We have therefore decided to expand our initiative for corporate volunteering to give our colleagues enhanced opportunities to use their working time to do voluntary work to support Ukraine.

To support the humanitarian needs in Ukraine, Danske Bank has decided to make a direct financial contribution to Red Barnet’s (Save the Children’s) humanitarian aid programme for Ukraine.

News and insights

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