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Sberbank subsidiary winds up operations in Crimea

May 07, 2014, 14:17 UTC+3 KIEV
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KIEV, May 07. /ITAR-TASS/. Sberbank of Russia’s Ukraine banking subsidiary is closing its operations in Crimea and Sevastopol on instructions from the National Bank of Ukraine (NBU), an NBU press release says.

Clients of this subsidiary, a Ukrainian commercial bank operating under Ukrainian laws, will be served at branches on Ukrainian territory.

Reflecting new legislation passed by the authorities in Ukraine's capital, the NBU announced on May 6 that it had banned operations by licensed banks on territory the Kiev government says is “temporarily occupied”.

The ban will be lifted, the NBU says, when Crimea returns to Ukraine.

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