You're reading: PrivatBank suspends servicing of clients in Crimea due to shortage of cash in region

The largest bank in Ukraine PrivatBank has temporarily suspended the servicing of its clients in Crimea, the press service of the bank has told Interfax-Ukraine.

“Unfortunately, due to the fact that there is not enough cash on the peninsula, all transactions with cards, accounts and deposits opened in Crimea are temporarily blocked. This concerns both individuals and companies. Our departments, ATMs and terminals in Crimea are temporarily not operating. We hope that the situation will be settled in the near term,” the press service said.

According to the press service, from March 18, the ATMs chain of PrivatBank in Crimea will operate with a limit for cash dispensing of Hr 500 a day.

“From March 18, PrivatBank’s ATMs in Crimea will service clients of the bank within the limit for cash of Hr 500 a day on all wage, social, pension and other personal payment cards,” reads the press release.

According to the report, the ATM chain of the bank will operate in the usual regime after conducting scheduled technological works on March 16-17. The temporary restrictions on cash withdrawal will be in effect due to a shortage of cash on the territory of the peninsula.

“We’re’ improving our technical base to be ready to work in Crimea in the conditions of the higher burden on the bank’s chain,” reads the report.

The bank’s press service said that technological regulation measures were taken only on the territory of Crimea, and all departments and services of the bank in other regions of Ukraine service clients in the usual regime.

The press service told Interfax-Ukraine that as a part of the technological measures, its departments in the peninsula opened accounts in Russian rubles to holders of cards with accounts in hryvnias.

“We conducted technological measures, including on the possible operation in the Russian ruble zone. These were technological works,” the press service said.

PrivatBank was founded in 1992.

According to the National Bank of Ukraine, on January 1, 2014 in terms of total assets (Hr 214.5 billion) the bank was the largest among the 180 banks operating in the country.