Alfa Bank To Shut Down Banking Operations In Crimea

News: Alfa Bank Ukraine will close its banking business in Crimea on the back of hastily changing geopolitical and legal condition in the region. 'The bank no longer can work within the legal framework of the new Ukrainian legislation, and doesn't have a legal basis for continued operations and provision of banking services in the territory of Crimea,' the bank said in a statement (Banking Business Review). Russia's annexation of Crimea is not recognised by Ukraine and the Western countries. Western and Ukrainian banks are getting out of the region by shutting down their businesses.

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Geography: Ukraine

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