Russia Increases RNCB Authorized Capital to Promote Crimea Investment

The Russian government increased on Thursday the authorized capital of the Russian National Commercial Bank (RNCB) in order to satisfy Crimean population's demand "for quality banking and related financial products and services."

MOSCOW (Sputnik) – The Russian government has increased the authorized capital of the Russian National Commercial Bank (RNCB) by 15 billion rubles ($264.8 million) to facilitate the implementation of investment projects in Crimea.

"The decision will allow the RNCB to ensure the implementation of major investment projects, the stable functioning of the credit and financial system, the satisfaction of business and population demand for quality banking and related financial products and services, will contribute to the growth of Crimea’s economy," a statement released by the Russian Cabinet on Thursday says.

According to the Russian government, the RNCB is one of Crimea’s key financial institutions, with over 180 RNCB banks currently operating on the peninsula, providing services to more than 1.4 million individuals and about 42,000 corporate clients.

Crimea rejoined Russia in the spring of 2014 when about 97 percent of Crimea voters and over 95 percent of Sevastopol residents voted in favor of reunification in a referendum.

Despite the referendum results, the West condemned the reunification, imposing several rounds of sanctions against Russia.