MOSCOW, April 27 (RAPSI) – The Russian government's legislative commission approved a compensation bill for the clients of Ukrainian banks in Crimea proposed by the Finance Ministry.

The bill introduces a scheme for the payment of compensation to depositors who had accounts with Ukrainian banks that were ordered to shut after the Republic of Crimea voted to join Russia.

Clients who opened bank accounts after April 2, 2014, can apply for compensation not exceeding 100,000 rubles (about $2,000).

Compensation paid to Russians who had accounts with Ukrainian banks but who do not reside in Crimea as well as those who fail to provide a full set of documents to substantiate their applications would also be limited.

Those clients whose deposits exceeded 700,000 rubles (about $14,000) will get paid with the money raised through sale of seized Ukrainian property.

The bill would also introduce mechanisms for protecting clients of Ukrainian banks in Crimea.