The Russian Central Bank banned six Ukrainian banks from operating in Crimea and Sevastopol. The regulator had to take such a decision as these six banks had failed to meet their obligations to creditors by closing their offices on the peninsula. Thus the Bank of Russia expelled the Ukrainian financial organizations to protect the interests of depositors in the future. The ban is in force for Kiev-based Terra Bank, Bank Finance & Credit, Bank Finansovaya Initsiativa and Avant Bank, as well as Odessa-based Finrost Bank and Dnipropetrovsk-based Aktsent Bank. The Central Bank also transferred the responsibility for returning depositors their money to the nonprofit Depositor Protection Fund, the Crimean equivalent to Russia's state-run Deposit Insurance Agency, which returns up to 700,000 rubles of any funds lost in a bank closure. Compensations will be paid in Russian rubles to all holders of accounts opened before April 1, 2014.
Earlier the National bank of Ukraine prohibited Ukrainian banks form operating in Crimea explaining its step by the "inability to perform banking regulation and monitoring" on the peninsula.
