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Banks will so far refrain from working in Crimea because of subsidiaries in Ukraine

April 23, 2014, 23:01 UTC+3 MOSCOW
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MOSCOW, April 23. (ITAR-TASS). Major Russian banks will so far refrain from working in Crimea because they have subsidiaries in Ukraine, Mikhail Zadornov, the president and board chairman of the VTB 24 bank, said at a business breakfast at the Rossiyskaya Gazeta daily on Wednesday.

“I would like to say that major banks are not going to work in Crimea so far because they all have subsidiaries in Ukraine,” Zadornov said, adding the list of those banks included VTB, the Bank of Moscow, Sberbank and Alpha Bank.

Zadornov explained that it was impossible to combine “an active business in Crimea with active operations in Ukraine.”

“That is why Russia’s major credit organizations are de facto transferring their operations in Crimea to banks that are going to work exclusively on the peninsula,” Zadornov stressed.

Rossiyskaya Gazeta will publish the full text of its interview with Mikhail Zadornov on April 24.

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