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Russia’s biggest bank to open in Crimea

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Russia’s largest bank, Sber – formerly known as Sberbank – is beginning operations in Crimea, nine years after the peninsula was forcefully taken over by Russia, the lender announced on Wednesday.

The banking major couldn’t operate on the territory of Crimea due to US and EU sanctions imposed on the region after its reunification with Russia in March 2014.

Crimea Deputy Prime Minister called on the bank to launch operations in the region as soon as possible.

“Gradually, during 2023, the bank’s offices will be opened, the first of them in the largest cities will start operating in the first half of the year,” Sber’s press office said in a statement. “All the necessary services will be deployed throughout the year.”

 

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