The prohibition concerns the opening and replenishment of deposits and the issuance and extension of loans. The National Bank of Ukraine (NBU) prohibited credit and deposit operations in Russian roubles in Ukraine. NBU Board Resolution No.699, dated November 3, published on the regulator’s website states; “The following operations in Russian roubles shall be prohibited in mainland Ukraine: attracting deposits under bank deposit agreements, including increasing the amount of deposits attracted before the Law (“On the Creation of the Free Economic Zone Crimea and on the Peculiarities of Economic Activities on the Temporarily Occupied Territory of Ukraine”) came into force, and the prolongation of such agreements; disbursement of credits (loans), including overdrafts, and the prolongation of such credits (loans) or their shares under agreements signed before the Law came into force,” reads the resolution.

In addition, the regulator prohibited to move cash Russian roubles across the administrative border with Crimea in an amount exceeding the equivalent of UAH 10,000. As a reminder, by this resolution the National Bank also equated the Crimeans to non-residents and prohibited Ukrainian residents to invest in Crimea. On September 25, President Petro Poroshenko signed the law on creating a free economic zone in Crimea. The National Bank introduced the emergency regime of operation for banks in Donbass and Crimea from July 24, 2014. Then, on September 15, it permitted Ukrainian banks to receive bank transfers in the hryvnya coming from Crimea via foreign banks.

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