Russian National Commercial Bank

The Russian National Commercial Bank, or RNCB, was a relatively small and obscure bank, first established in Moscow in 1991. For over two decades, it operated quietly within the Russian banking system. The pivotal moment in the bank’s history arrived in 2014 with the Russian annexation of Crimea. Prior to this event, RNCB had no presence on the peninsula. As international banks withdrew from the newly annexed territory, a vacuum was created. RNCB was acquired by the Crimean government and rapidly moved to fill this void, taking over the branches of the departing banks. This move transformed RNCB from a minor entity into the dominant financial institution in Crimea. Soon after, the bank was nationalized and became the property of the Federal Agency for State Property Management of Russia. This strategic shift made RNCB the primary financial conduit for the region, facilitating the switch from the Ukrainian hryvnia to the Russian ruble and handling state payments. Due to its role in Crimea, the bank was placed under international sanctions by the European Union, the United States, and Canada. Despite the sanctions, the bank continued to grow, issuing its own payment cards after Visa and MasterCard ceased services. The final chapter of its independent story is being written, with Russia's second-largest bank, VTB, finalizing the legal merger and integration of RNCB, a process expected to be completed by the end of 2025.