For example, Russia is the world’s top exporter of palladium, which is key for producing catalytic converters.1 Ukraine supplies around 70% of the world’s neon gas, which is critical for semiconductor manufacturing. At the same time, the war poses significant risks to growth.
The Bank has also signed a tripartite memorandum of understanding with the Financial Services Commission and the Financial Intelligence Unit to enhance, among others, the effectiveness of the implementation of AML/CFT measures. Once the risk-based supervisory framework becomes fully operational, banks posing higher risks to the system will be subject to more intensive supervision.