Deposits and cash in banks of Crimea

Today in Crimea there is a problem with the return of bank deposits, as Ukrainian banks virtually ceased operations on the peninsula. Andrey Mamchur, a counsel of CORALES Law Company, Adviser to the law firm “Colares” advises Crimeans to sue in court. But in this case it may be a problem: The Chamber of Commerce of Ukraine should decide whether the annexation of Crimea by the Russian Federation is force majeure event. Thus, a positive decision on the return of deposits and savings will at most depend on the decisions of public authorities and the Chamber of Commerce in Ukraine.