One of Cyprus' biggest banks closes accounts of Russians

This was reported by the Russian Forbes, citing Main Partner Trust, a company providing comprehensive services to clients in Cyprus and sources in the banking sector.

According to the information, Bank Of Cyprus, the largest bank in Cyprus, is closing accounts to Russian clients.

Russians started receiving notifications about account closures as early as last week. The letter said that the accounts will be closed within two months of the receipt of the letter. The reason for closing the accounts: because the user details do not comply with the rules of the Know Your Customer procedure.

There are several reasons for the closures. First, tax residency in Russia and the presence of income from a sanctioned business in Russia.

Secondly, the Cypriot bank is afraid of British and US sanctions.

Bank Of Cyprus is the largest bank in Cyprus. At the end of last year, Russians kept more than 700 thousand euros on bank deposits. That is 6% more than the year before. About 15% of all Russians living in Cyprus may have accounts in this bank.