Two of Ukraine’s largest banks – Privatbank and state-owned Oschadbank – have asked Moscow to compensate them for losses resulting from Russia’s annexation of the Crimea peninsula from Ukraine last year, they said in statements on Wednesday.
Already under pressure from an economic crisis in Ukraine, banks with significant assets in Crimea faced substantial writedowns after Russia seized the territory in March 2014 in a move condemned by Ukraine and the West.
Prime Minister Arseniy Yatsenyuk said Oschadbank, Ukraine’s third-largest bank in terms of assets, plans to sue Russia for 15 billion hryvnia ($700 million) in compensation.
The bank has not confirmed this …read more
Source: Voice of America
