Privatbank, the Ukraine’s largest retail bank by assets, has announced it is suspending credit cards along with all other credit lines issued to private and corporate customers.

It has also stopped accepting debit cards from other banks in the Crimean region.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

These measures have come with the announcement that Privatbank has placed temporary limits on cash withdrawals for account holders and will not be issuing any new loans.

The new withdrawal limits are UAH1,000 ($103) a day.

In a statement the bank said this move was in order to stop political activists "destabilising" the situation in the country. It is unclear which political group the lender was referring to.

"A temporary limit on withdrawals is needed to stop the forces that are working to destabilise the situation and are using the cash for their sabotage," the bank said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"Amid geopolitical instability and numerous provocations in some regions of Ukraine, organized by foreign forces, the introduced measures will ensure that all customers regardless of their financial standing will get access to their money," said Privatbank’s deputy chairman Oleg Gotohovsky.

Privatbank is the first major Ukrainian bank to limit domestic withdrawals in response to the continuing political tension in the country.

The National Bank of Ukraine has already introduces a $1,500 limit on foreign currency withdrawal but hasn’t limited withdrawals of local currency. It has promised to meet customer needs for liquidity.

Privatbank insists that the move is a "rational" response to the current situation, having designed them to help customers and protect the national currency.