The largest bank in Cyprus, Bank Of Cyprus, sent notices to the Russians about closing their accounts within two months. The Bank of Cyprus’s decision may be enforced by other Cypriot banks, Forbes learned.
Among the reasons are the status of a tax resident of the Russian Federation, the presence of income from a business under sanctions in Russia or an “atypical” residence permit in Cyprus.
Problems with the closure of accounts are also observed among the clients of the Cypriot branches of the Greek banks Hellenic Bank and Alpha Bank.
The Main Trust Partner explains this by the fears of banks due to British and American sanctions that prohibit the provision of consulting, marketing, IT, legal, engineering services to companies and citizens of Russia.
- In mid-April, Swiss banks began warning Russian clients about closing their accounts if they pay taxes to the Russian budget. Bank actions remain selective, not massive. Banks can use such measures due to the pressure exerted on them by the Swiss authorities, who announced that they are tightening control over the application of sanctions against Russia.
Author:
karina pardaeva
Source: RB
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