Cyprus' largest bank closes accounts of Russians

Bank of Cyprus, the largest bank in Cyprus, has started sending notifications to Russian citizens about the closure of their accounts.

This is reported by Guildhall.

Information about the closure of customer accounts in Cyprus at Bank of Cyprus was discovered by Main Partner Trust, a company that provides comprehensive services on the island. According to the company's director, the bank started sending out notifications last week stating that the accounts would be closed within two months.

Main Partner Trust notes that the bank may close accounts of clients who have tax residency in the island or income from sanctioned businesses in the island.

Some of the bank's clients have already faced problems and received notifications about the closure of their accounts, although they used them only to pay for utilities or to buy real estate.

Bank of Cyprus is the largest bank on the island. In 2022, Russian clients kept more than €700,000 in the bank.

Author - Serhii Kolomiets, 19/04/2023