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Law on functioning of Crimean financial system takes effect

April 04, 2014, 12:35 UTC+3 MOSCOW

The operation of all currency exchange offices will be brought in line with the general federal standard by January 1, 2015

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MOSCOW, April 04. /ITAR-TASS/. The federal law on the functioning of the financial system of Crimea on Friday took effect. It structures the work of the regional credit institutions in accordance with the Russian regulations. The Crimean financial system at first will be based on the local banks, and then the key credit institutions, working across Russia will come to the sector.

The Crimean financial establishments so far have been allowed to continue their operation if they pass state registration before the end of the year and ensure the lower limit of own capital at 300 million roubles. The Russian Central Bank (CBR) will control the interest rate on deposits, set the ceiling of tariffs on bank transactions. The operation of all currency exchange offices will be brought in line with the general federal standard by January 1, 2015. All issues of securities in Crimea are subject to inclusion in the unified state register. Also, the circulation of shares that are not denominated in roubles is terminated.

The work of the peninsula’s financial system had previously been ensured by 1020 offices of Ukrainian banks. The main of them was the Crimean branch of PrivatBank with 300 offices. It has now stopped the provision of services. The local authorities are ready to sell it to a Russian bank that would assume the responsibility in terms of the payment of debts to the population.

Four Russian banks from the top 30 have admitted that they are ready to consider proposals on the purchase of Ukrainian bank branches in Crimea. ITAR-TASS has questioned Russia’s major credit institutions in connection with Russian Prime Minister Dmitry Medvedev’s order to the Bank of Russia to study the issue of possible acquisition by Russian banks of branches in Crimea. About half of the banks did not respond to inquiries, seven declined comment, three said they were not interested in buying Crimean branches, and four did not exclude the possibility of such deals - Promsvyazbank, Sviaz-Bank, Uralsib and Orient Express Bank.

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