The largest bank in Cyprus closed almost 20 thousand accounts for Russians

The closure of accounts affected about seven thousand Russian citizens, but Russians of retirement age remained among the clients.

The largest bank in Cyprus, Bank of Cyprus, has closed almost 20 thousand accounts belonging to 7,000 Russian clients since 2022. The financial organization only keeps accounts for people over the age of retirement. This was said by the bank’s representative Karen Le Cannou, Frank Media reports.

He noted that the Bank of Cyprus began to restructure its client portfolio in 2014, when sanctions were imposed against Russia in response to the annexation of Crimea. Then the Russians reached 4% of the client portfolio, now this share is only 0.4%.

The official added that when deciding which clients to close accounts, the bank is guided by “international compliance standards” and its own risk management policies.

“In general, the bank takes a prudent approach to proactively protect its reputation and the interests of clients and shareholders,” he stressed.

Le Cannou said that the financial institution is ready to consider possible relations with Russian citizens who legally reside in Europe, are not under sanctions and carry out acceptable activities in sectors that meet to the bank’s policies.

We remind you that the United States and Cyprus have started a strategic dialogue, which “represents the closest ties between countries in history.” Among the top priorities for dialogue is the complete lifting of the US embargo on military sales to the island nation without the need for annual congressional approval.

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