The National Bank of Ukraine refused to approve the sale of local lender JSC BTA BANK to Belarusian investor Mikalai Varabei.

The Ukrainian regulator questioned the business reputation of the Belarusian investor, who was recently placed on the EU sanctions list for benefiting from supporting Belarusian President Alexander Lukashenko's regime.

The central bank also said Varabei failed to provide sufficient documents and information confirming that his financial standing and funds meet the requirements of Ukrainian law.

BTA Bank is controlled by Kazakh businessman Kenes Rakishev.