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Law on protecting interests of depositors at banks operating in Crimea

April 2, 2014

Vladimir Putin signed Federal Law On Protection of Interests of Retail Depositors at Banks and Their Economically Autonomous Structural Subdivisions registered in and/or operating on the territory of the Republic of Crimea or the Territory of the City of Federal Importance of Sevastopol.

The Federal Law protects the interests of individuals (including non-corporate entrepreneurs) residing on the territory of the Republic of Crimea and in Sevastopol and holding deposits at banks and their structural subdivisions registered and operating on the territory of the Republic of Crimea and Sevastopol.

To implement the Federal Law, the Deposit Insurance Agency state corporation is creating an autonomous non-profit organisation Depositor Protection Fund, which is authorised to make compensation payments to depositors by acquiring their deposit rights.

April 2, 2014