The amount billed to accounts in PrivatBank the night before the nationalization was withdrawn through foreign branches. This was stated by the Deputy Chairman of the National Bank of Ukraine (NBU) Kateryna Rozhkova in an interview with Minfin.

According to her, most of the derived 16 billion UAH, namely 12 billion, has long been listed on the balance sheet of the Bank, but takes into account the funds were in the accounts of the branches of PrivatBank in Latvia and Cyprus.

According to her, the funds were recorded as coverage under letters of credit issued by some well-known international companies in favour of customers associated with the former owners of the Private.

Under international law, if the company does not fulfill the conditions under the letter of credit, this money should be scrapped in favor of the companies that issued the letter of credit. If the terms of the letter of credit is made, the money is returned to the Bank. The night before the nationalization, the Bank itself initiated early withdrawal of funds in the repayment of guarantees to companies. So the money from the accounts was transformed into a receivable.

The NBU explained as derived from PrivatBank UAH 16 billion 27.04.2017

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