Bank of Cyprus to close accounts of 4,000 Russian clients

21 April, 02:50 PM
Bank of Cyprus to close accounts of 4,000 Russian clients (Photo:Bank of Cyprus via Facebook)

Bank of Cyprus to close accounts of 4,000 Russian clients (Photo:Bank of Cyprus via Facebook)

The largest bank in Cyprus, the Bank of Cyprus, will close the accounts of about 4,000 Russian citizens, Russian news agency RBC reported on April 20.

“Bank of Cyprus informed 4,000 customers who have a Russian passport and are non-residents of EU countries that their accounts will be closed in accordance with customer acceptance policies and appropriate risk appetite,” the bank said in a statement.

The bank noted that the deposits of said clients make up less than 0.5% of the total volume of bank deposits.

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As of Dec. 31, 2021, the share of deposits of Russian and Belarusian citizens in the Bank of Cyprus was 3%.

According to the bank, the suspension of Russia’s membership in the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, was the reason for closing the accounts.

Earlier, it was reported that the Bank of Cyprus would be closing the accounts of Russian citizens over fears of being sanctioned by the United States and the United Kingdom.

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