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.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme