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Russia closes down Ukranian banking units

Russia’s central bank has ordered the Ukrainian units of nine banks to cease operations in Crimea, saying they have failed to meet their obligations to depositors and clients. The lenders include Ukraine’s UniCredit Bank affiliate previously known as Ukrsotsbank, as well as Delta Bank, PJSC Marfin Bank and JSC Oschadbank. UkrSibbank, CityCommerceBank, Forum Bank, Avtokrazbank and Platinum Bank complete the list. Legal rights have been violated due to the actual halting of units of these banks in the republic of Crimea, the central bank said in a statement on its website today. The banks suspended activity in Crimea after Russia seized control of the Black Sea peninsula from Ukraine. The terrority voted in March to join Russia in a referendum that Ukraine, the U.S. and the European Union consider illegal. UniCredit SpA (UCG), Raiffeisen Bank International AG (RBI) and Alfa Bank, Russia’s largest privately owned lender, earlier shut down operations in Crimea because of legal uncertainty.

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