Central Bank of Russia ceases activities of all Ukrainian banks in Crimea


The Central Bank of Russia ceased the activities of the department of Ukrainian banks in the Crimea, the website of the financial regulator said.

The Central Bank of Russia announced the termination of activities of the departments of all Ukrainian banks in the Republic of Crimea and the city of federal significance, Sevastopol, from May 26, 2014, in connection with the failure of obligations to creditors.

The decision was made for the protection of depositors and customers, whose legal rights have were violated due to the actual cessation of the work of bank branches, says the official report of the regulator.

In addition to the state savings bank of Ukraine, Oschadbank, one of the largest private Ukrainian banks, Ukrsotsbank, which has a network of 508 departments, will stop working in the Crimea as well. The activities of the following banks were stopped as well: Marfin Bank, UkrSibbank, Delta Bank, City Commerce Bank,  Forum Bank, AVTOKRAZBANK and Platinum Bank.

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