Cyprus’ largest bank closes more than 20,000 accounts belonging to Russian citizens
Since 2022, the largest bank in Cyprus, Bank of Cyprus, has closed approximately 20,000 accounts belonging to 7,000 Russian citizens. As reported bank representative Karen Le Cannou, only the accounts of pensioners from Russia remained active.
The process of reducing the client base, according to Le Cannou, began back in 2014 after the introduction of sanctions against Russia in connection with the annexation of Crimea. At that time, Russian clients made up 4% of the bank’s client portfolio, but now their share has decreased to 0.4%.
The remaining accounts mostly belong to pensioners, and the decision to close others was made based on international compliance standards and risk management policies.
Bank of Cyprus emphasizes that such steps are aimed at preserving the reputation, protecting the interests of customers and shareholders. At the same time, the financial institution is ready to cooperate with Russian citizens who legally reside in Europe, are not under sanctions and comply with the bank’s internal rules.
