Promsvyazbank announced its readiness to start working in the Crimea

Promsvyazbank (PSB) announced its readiness to expand the range of financial services in Crimea, in particular, to provide financial support for infrastructure and social projects in the region. This was reported to RBC in the press service of the credit institution.

“PSB is ready to provide comprehensive financial support for infrastructure and social projects in Crimea, to provide the population, as well as enterprises of the peninsula, including SMEs, with access to the full range of financial services and services of a federal systemically important bank,” the message says.

Since the end of February, a number of Russian banks, including PSB, have come under US blocking sanctions . The American Ministry of Finance explained that Promsvyazbank would no longer be able to do business in the US, and all bank assets in US jurisdiction would be frozen. "U.S. citizens and entities are prohibited from doing business with them without special permission from the Office of Foreign Assets Control," the statement said.