The Moscow Times states that in this way, since the beginning of 2024, three foreign representative offices have already closed in Russia.
The Bank of Cyprus, the largest Cypriot bank, has closed its representative offices in Moscow and St. Petersburg, reports The Moscow Times, citing data from the Central Bank of the Russian Federation.
The Cypriot bank stopped accrediting its branches in Russia on January 22.
The media recalled that representatives of the offices of foreign banks in Russia do not have the right to conduct banking operations:
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opening accounts,
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attracting client funds,
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conducting transfers and money transactions.
Thus, they act as separate divisions that represent the interests of the credit institution, but are independent legal entities.
Since the beginning of 2024, this is the third representative office of a foreign bank that has closed in Russia. Today, there are 23 left while at the beginning of 2022, there are 37 foreign credit organizations in the register of accredited representative offices.
As we have already written, last year the Russian Ministry of Finance spent almost half of the liquid resources of the National Welfare Fund – 4 billion rubles. The main source of financial reserves “for a rainy season” remains 5 billion out of 9 billion rubles.
In the Russian Federation, export earnings fell by almost a third in the year
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.