US Treasury has revised sanctions on Crimea, allowing its residents to operate US bank accounts. Crimeans will also be able to send and receive non-commercial personal money transfers.
The updates to the sanctions, published Friday, also allow Crimeans to have bank accounts in the US.
“The operation of an account in a US financial institution for an individual in the Crimea region… is authorized provided that transactions processed through the account are of a personal nature and not for use in supporting or operating a business,” an executive order by Treasury’s Office of Foreign Assets Control reads.
US citizens and banking institutions are allowed to transfer money to and from Crimea on condition the transaction is non-commercial.
“US persons…[and] US registered money transmitters are authorized to process transfers of, funds to or
from the Crimea region… in cases in which the transfer involves a noncommercial, personal remittance,” the Treasury said.
The document specifies that the allowed remittances “do not include charitable donations of funds to or for the benefit of an entity or funds transfers for use in supporting or operating a business, including a family-owned business.”
To recall, the United States in Dec moved to match new European sanctions blocking investments in or imports from Crimea.
In a statement, President Obama said the executive order would prohibit the export of goods, technology or services to Crimea and authorize the Treasury Department to sanction individuals and companies operating within the territory.
This ban was a part of a large package of sanctions imposed by the United States.