Raiffeisen Bank Aval halts operations in Crimea
MOSCOW. April 7 (Interfax) - Ukraine's Raiffeisen Bank Aval has reported on its website that it is halting its operations in Crimea beginning on April 15 due to the lack of legal foundations for further functioning and provision of banking services on the territory of the republic.
The report says the company Raiffeisen Bank Aval, as a banking establishment operating in accordance with Ukrainian legislation, has no legal foundations for further functioning and the provision of banking services on the territory of Crimea due to the enactment of some Russian laws, in particular, the law making the Republic of Crimea part of the Russian Federation.
Raiffeisen Bank Aval will halt all banking operations in the Republic of Crimea.
According to Interfax-Ukraine, the bank has 32 divisions in Crimea. Ukraine's Privatbank and Bank Finance and Credit earlier suspended their operations in Crimea.
