Largest bank in Cyprus closed around 20,000 accounts of Russians
Russian flag (photo: Getty Images)
Cyprus's largest bank, Bank of Cyprus, has closed around 20,000 accounts belonging to 7,000 Russian clients since 2022. The financial institution has only retained accounts for individuals of retirement age, according to the bank’s representative, Karen Le Cannu.
According to Karen Le Cannu, the Bank of Cyprus began restructuring its client portfolio back in 2014, following the introduction of sanctions against Russia in response to the annexation of Crimea.
"At the start of the bank's portfolio restructuring in 2014, Russian clients accounted for 4% of the portfolio. Today, that share has dropped to just 0.4%," he stated.
The remaining accounts predominantly belong to Russian citizens of retirement age.
Le Cannu emphasized that decisions on which accounts to close were based on international compliance standards and the bank's risk mitigation policies.
"Overall, the bank adopts a cautious approach to protect its reputation, as well as the interests of its clients and shareholders in advance," he stressed.
Regarding the bank's future policy, Le Cannu added that the Bank of Cyprus is open to considering potential relationships with Russian citizens who lawfully reside in Europe, are not under sanctions, and engage in permissible activities within sectors that align with the bank's policies.
