Importance In 2014, Crimea reunited with Russia. Along with obvious positive aspects, this process is complex from the standpoint of building the banking system on the peninsula to be compliant with Russian standards. Objectives The article analyzes the current state of the banking system in Crimea, identifies the key problems, and justifies the areas of their solution. Methods We made a retrospective assessment of the banking system of Crimea when the territory was a part of Ukraine. The article presents updated official information on credit institutions in the Crimean Federal District. It shows that there are objective difficulties preventing the formation of financial environment on the peninsula. We analyzed the differences in the legal regulation of banking activities in Russia and Ukraine, and presented the regulatory framework serving as a basis of banking in present-day Crimea. Results We have identified major problems that prevent stepping up the banking activities in the Crimean Federal District. These problems relate both to the difficulties of the transition period, and external factors. The study shows the areas that may contribute to the formation of civilized credit relations, enhance banking and insurance activities in the Crimean Federal District. In particular, the article considers the possibility of providing guarantees on loans by the Credit Guarantee Agency. It also presents a mechanism for promoting car loans on the peninsula, and names the areas where Russian credit organizations should particularly spur up their activities in Crimea. One of such areas is the financial literacy of people living in Crimea, who are now in completely new financial environment. Conclusions and Relevance We conclude that there should be a competent approach to the banking system formation. Only in this case the new territory will become a fully legitimate subject of Russia, both politically and economically.
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