The largest bank in Cyprus closed thousands of Russian accounts.
The largest bank in Cyprus, Bank of Cyprus, closed about 20,000 accounts belonging to 7,000 Russian citizens. Only the accounts of Russian pensioners remained open. This was reported by the bank's representative, a representative of the Bank of Cyprus.
The process of sanitizing the client portfolio began in 2014 when Russia came under sanctions after the annexation of Crimea. At that Time, Russian clients comprised 4% of the bank's portfolio, and today their share has decreased to 0.4%.
The closed accounts belonged mainly to Russian pensioners. The decision to close them was made in accordance with international compliance standards and risk management policy.
Bank of Cyprus emphasizes that its policy is aimed at protecting the reputation, interests of clients, and shareholders. However, the bank will consider the possibility of cooperation with Russian citizens who are legally in Europe, have not come under sanctions, and conduct activities that comply with the bank's policy.
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