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Russia’s Central Bank closes three Ukrainian banks in Crimea

November 26, 2014, 10:27 UTC+3

The operations were stopped as the banks failed to meet their obligations to creditors and depositors

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MOSCOW, November 26. /TASS/. Russia’s Central Bank on Wednesday barred three Ukrainian banks from operating in Crimea, the regulator said Wednesday.

The operations of the Golden Gate bank, Neos Bank and the Credit Agricole bank have been stopped as they failed to meet their obligations to creditors and depositors, and due to lack of prospects of resuming their activities.

“Due to the above mentioned circumstances, there was no other possibility to ensure the efficient protection of the rights of depositors and clients of these banks on these territories except for stopping the operations of the banks’ branches,” the statement said.

In autumn, the Russian regulator also shut down the offices of Ukraine’s Activ Bank, Unex Bank and Legbank in Crimea.

Central Bank’s first deputy CEO, Alexey Simanovsky, said in late June the effort to clear Crimea’s banking sector from bad-faith participants was expected to be completed this summer.

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