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Putin signs law on protection of bank deposits in Crimea, Sevastopol in transition period

April 21, 2014, 9:52 UTC+3 MOSCOW
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MOSCOW, April 21. /ITAR-TASS/. Russia’s President Vladimir Putin has signed a federal law on protection of bank deposits in Crimea and Sevastopol over the transition period.

The State Duma approved the bill on April 4, 2014, and the Federation Council - on April 16.

The documents exempts from income tax revenues of the Agency for insuring deposits and the Fund for protecting deposit holders, and lifts the requirement for credit and non-credit financial organisations for mandatory state duty for registration, licensing or issue of securities during the transition period.

Implementation of the law will offer financial basis for protection of Crimea’s deposit holders and will offer a favourable regime for the integration of the financial institutions in Crimea and Sevastopol into the legal and economic systems of Russia.

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