FX.co ★ Russia boots out Ukrainian banks from Crimea

Offices of four Ukrainian banks must be closed in Crimea and Sevastopol, according to the order issued by the Bank of Russia. The formal reason is improper fulfillment of obligations to depositors and creditors. As it says, there are no political and territorial disputes, just business. Privatbank, Vseukrainsky Aktsionerny Bank, Imeksbank and Kievskaya Rus are in the blacklist.
"The decision to stop the activity of structural units of the Ukrainian banks was dictated exclusively by the task to protect the interests of depositors and customers whose lawful rights had been violated, in particular, as a result of the actual halt of operations of the units of those banks," the Central Bank press service said. The central bank pointed out "the absence of prospects for the resumption of their operations."
"There was no way to provide effective protection of the rights of depositors and customers of those banks that carry out economic activity on the aforesaid territory other than terminate the operations of their structural units," it said.
This decision is very important for depositors as it entitles them to receive compensatory payments in the procedure established by the Law "On the Protection of Interests of Individual Depositors of Banks on the Territory of the Republic of Crimea and the Federal City of Sevastopol."
Thus, the deposits are under protection of Russia's central bank
“Ukrainian banks are now fleeing. There are four banks on their last legs out of the big range of Ukrainian banks and, according to information we have, they are to close in two weeks”, Crimea’s First Deputy Prime Minister Rustam Temirgaliev said.