Ukraine’s Defence Intelligence has launched a new database identifying Russian banks and financial institutions that it says provide financial services to the country’s military-industrial complex and facilitate schemes used to circumvent international sanctions.
The new “War Finance” section has been added to the War&Sanctions portal in cooperation with the Office of the President and the National Bank of Ukraine.
The first release contains information on 15 Russian banks. According to Defence Intelligence, they are involved in financing state defence contracts, servicing companies participating in weapons production, processing payments and bonuses for Russian military personnel, or operating in Russian-occupied territories of Ukraine.
Among the institutions highlighted is PSB Bank, which Defence Intelligence says has served since 2025 as Russia’s principal bank for payments under state defence contracts. According to the agency, it handles contracts connected with the production of ballistic and cruise missiles, guided aerial bombs, strike drones, military aircraft, armoured vehicles and multiple-launch rocket systems.
VTB Bank is also included in the database. Ukrainian intelligence alleges that the bank helps Russian defence companies process payments for foreign equipment and components despite sanctions, including through its branch in Shanghai.
Another institution named is DOM.RF Bank, which works with Rosvoenipoteka, the Russian state institution responsible for military mortgage programmes, providing specialised lending to Russian servicemen.
Defence Intelligence said almost all of the banks included in the first publication are under sanctions imposed by multiple countries and have been disconnected from SWIFT. Gazprombank is identified as the exception to the latter.
Despite these restrictions, Ukrainian intelligence says Russian financial institutions continue to develop alternative payment mechanisms involving intermediary banks and payment systems to maintain access to international transactions.
The agency said future updates to the database would focus on financial institutions and intermediaries suspected of helping Russian banks circumvent sanctions.
“Anyone dealing with the Russian banks made public today will be tainted by cooperation with the Russian military-industrial complex,” Defence Intelligence said, adding that the next stage would identify those assisting them in bypassing restrictions.
Ukraine is calling on foreign governments to coordinate sanctions against Russia’s financial sector more closely, consider secondary sanctions against entities facilitating circumvention and strengthen oversight of the use of virtual assets in sanctions-evasion schemes.
Defence Intelligence also urged foreign banks to strengthen compliance and know-your-customer procedures to identify direct or indirect links between clients, counterparties and correspondent banks and Russia’s defence industry, security structures or activities in occupied Ukrainian territories.
