Russia is consolidating its hold on newly occupied areas of Ukraine by opening branches of its largest state banks in cities such as Mariupol.

The Kremlin has encouraged companies to enter Ukrainian regions seized by force during the start of its full-scale invasion in 2022. While many brands still avoid those areas for fear of western sanctions and the risks of running a business in a war zone, Russia’s two largest state lenders, Sberbank and VTB, have begun to heed the call.

Sberbank, which was placed under western sanctions in 2022, told the Financial Times it opened 130 cash machines and 48 locations in what Moscow describes as its “new regions” in eastern and southern Ukraine, including full-format branches. “Sberbank has already served nearly 70,000 people and plans to expand its business there,” it said.