How Russian Banks Facilitate Occupation in Ukraine: Legal Group Files Complaint to ICC

Banks and financial institutions have become crucial tools in Russia’s war efforts in Ukraine, according to a recent submission to the International Criminal Court (ICC) by LexCollective, a non-profit legal group on July 16.

The filing calls for the ICC to expand its investigation into Russian war crimes to include the financial system’s role in consolidating control over occupied areas of Ukraine, specifically in the Kherson region, Financial Times reported.

Russia’s strategy, as explained by Kristin Rosella, co-executive director of LexCollective, involves the rapid establishment of Russian-controlled banks in newly occupied territories.

These banks—such as MRB Bank, Promsvyazbank, and CMR Bank—have been accused of facilitating the conversion of Ukrainian currency (hryvnia) into Russian rubles at an artificially low exchange rate, resulting in a wealth transfer from local residents to Russian banks.

The filing also highlights how Russia forces residents to take Russian citizenship to access financial services, effectively “conditioning access to essential services on pledging allegiance to Russia”—a violation of international law.

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In addition to the financial entities in the occupied regions, the filing names Russian finance minister Anton Siluanov and officials from the Russian central bank as key figures enabling the war effort through financial and banking operations.

While previous corporate actions against war crimes have occurred at the national level (such as BNP Paribas’s $8.9 billion fine for violating sanctions), this submission marks a rare push to hold financial institutions accountable in an international tribunal.

If the ICC moves forward with this case, it would break new ground in international law, potentially leading to sanctions or legal actions targeting Russia’s financial infrastructure, including frozen assets in the West.

The submission also draws attention to the potential impact of such actions on foreign financial institutions, which may reconsider their ties with Russia in the wake of ICC proceedings. Rosella points out that crimes against humanity in financial transactions are an area largely ignored by the financial industry, leaving it exposed to risks it did not foresee.

Earlier, Ukrainian President Volodymyr Zelenskyy and Council of Europe Secretary General Alain Berset signed an agreement to create a special tribunal addressing the crime of aggression against Ukraine.

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