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Tuesday, January 23, 2018

Several Ukrainian banks cease operations in Crimea

The National Bank of Ukraine (NBU) announced recently that several Ukrainian banks have had to cease their operations in Crimea.

"The occupation of the territory of the Autonomous Republic of Crimea and the city of Sevastopol has disrupted the operation of the banking system in the region, posing a threat to the interests of depositors and other creditors of banks," the country's central bank said. "Further attempts by banks to operate on occupied territory shall represent a violation of Ukrainian laws due to the inability of banks and their branches to meet the requirements of Ukrainian laws and NBU regulations."

The NBU said that under international law, the occupying state--in this case Russia--is responsible for compensating legal entities and citizens of Ukraine for any loss of property or violation of rights and freedoms.