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Law on special operation of Crimea’s financial system during the transition period

April 2, 2014

Vladimir Putin signed Federal Law On Special Operation of the Financial System in the Republic of Crimea and City of Federal Importance Sevastopol during the Transition Period.

The Federal Law sets out the special features for operation of banks, non-bank financial institutions and currency exchange offices during the transition period in Crimea and Sevastopol. The Law sets out the particular provisions applying to them concerning state registration, obtaining licences, cessation of activity, and also the particular rules for circulation of securities issued by organisations located in Crimea and Sevastopol. 

Banks and other financial institutions will be able to continue their activities in Crimea and Sevastopol until January 1, 2015, without having to obtain a licence from the Russian Central Bank, be included in the state register kept by the Central Bank, or admitted to a self-regulating organisation, if the institutions carry out obligations arising from earlier agreements and respect other conditions set by the Federal Law. 

The Federal Law also sets procedures for insurance organisations operating in Crimea and Sevastopol to carry out their obligations.

April 2, 2014