KIEV, May 7 – The National Bank of Ukraine has banned Ukrainian banks from operating in Crimea until the end of the Russian occupation.

"The NBU Board had to make a decision [temporarily until the end of the occupation] on May 6, 2014 to terminate the further operation of Ukrainian banks and their divisions on the said territory," reads the report.

The decision is stipulated in NBU resolution No. 260.

According to the report, the central bank approved the decision, as the bank does not have a chance of regulating and supervising banks, carry out currency control and state financial monitoring of banks in Crimea.