The Central Bank of Russia will not force Russian banks to enter Crimea

The Central Bank of the Russian Federation will not motivate large Russian banks to enter Crimea, but will encourage Crimean banks into credit activities.

This was stated by Chairman of the State Duma Committee on financial market Anatoly Aksakov at a press-conference in Moscow.

“Our major banks are afraid to enter Crimea in order to avoid sanctions. Crimean banks enjoy the Central Bank’s support. We will stir them into a more active credit policy,” said Aksakov.

Nowadays, about 10 Russian banks work on the Crimean peninsula; they are mostly small or problematic. Moreover, their number has fallen by more than a half since 2014. The large Russian banks are hesitant to work on the annexed territory due to the threat of international sanctions.

 

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