Russia’s second-largest bank VTB said Tuesday that it was considering starting up operations in Crimea after many years of shunning the annexed territory.
“We’re now considering different options,” the head of state-owned VTB, Andrei Kostin, told reporters Tuesday. “Of course, Crimea is our territory, and we will work there.”
Russia’s banking system was hard hit by Western sanctions after the attack on Ukraine and some banks, including VTB, were cut-of from international payments system SWIFT.
Sanctioned Russian bank Promsvyazbank announced Monday that it was starting work in Crimea, providing services to both individuals and companies.
Most large Russian banks refused to open offices in Crimea following its 2014 annexation, fearing Western sanctions. Now that many of these banks have been sanctioned in the wake of Russia’s invasion of Ukraine, there is little left to fear.
Russian President Vladimir Putin said last month that newly-sanctioned Russian banks should “calmly move into Crimea”.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
