Ukraine Closes Financial Borders with Crimea

By The Moscow Times

Nov. 5, 2014

Ukraine's National Bank has banned credit and deposit transactions in Russian rubles on Ukrainian territory, news agency Interfax reported Wednesday.

The following transactions are among those prohibited: increasing contributions to previous ruble accounts, granting credit loans, including overdrafts, and prolonging the duration of a credit loan, Interfax reported Tuesday, citing the resolution.

Under the resolution, which came into effect on Wednesday, all money transfers from Ukraine to Crimea and back will be treated as foreign transfers.

The resolution shows the dwindling financial ties between mainland Ukraine and Crimea since Russia annexed the peninsula in March: Wednesday's regulation also forbids carrying more than 10,000 hryvnas ($770) across the border between Ukraine and Crimea, and prohibits Ukrainian residents from investing in properties in Crimea.

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