Czech Banks Discriminate Against Arms Manufacturers Cooperating with Ukraine

Banking institutions in the Czech Republic are discriminating against defense companies that cooperate with Ukraine.

According to Aktuálně.cz, which has documented several such cases, the problem primarily affects smaller weapons manufacturers. In one notable instance, one of the largest Czech banks closed not only a company’s accounts, but also the personal accounts of the family members of a business owner whose company produces weapons and supplies them to Ukraine.

“Banks are terminating services in a completely unpredictable manner,” confirms lawyer and weapons-law expert Tomáš Gavron. “Closing accounts after exports to Ukraine, followed by the cancellation of family accounts and even the bank accounts of relatives, is not an exception,” he added.

A representative of another Czech company with annual turnover in the tens of millions of korunas, which manufactures civilian and military rifles, also confirmed a similar situation. According to him, ČSOB bank closed the current accounts of all family members of a colleague who owned a business and sold weapons to Ukraine.

“In turn, Česká spořitelna told us that they would not lend us money because they do not like the fact that our products are being exported,” he added.

At the same time, the Czech initiative Dárek pro Putina (A Gift for Putin), which raises funds for military assistance to Ukraine, has also faced a similar situation. It is noted that initially, no bank in the Czech Republic was willing to open an account for the fund.

In addition, banks are not hesitant to target those who supply weapons to the Czech army as well.

As the publication notes, for example, one bank threatened to close the account of a company that had won a contract with the Czech military.

“They did not ask for any explanations. It did not help that we were under the supervision of the Ministry of Defence, the Ministry of Foreign Affairs, and the Ministry of the Interior,” said a manager of a small Czech weapons manufacturing company.

In December, survey results showed that the majority of Czechs believe that the new government of Andrej Babiš should continue providing assistance to Ukraine.

More than half of the population supports humanitarian aid, but only 29% support military assistance.