Russian and Ukrainian business dealings with Cypriot banks dwindled due to sanctions, banks say

Drought continues to rapidly expand across San Antonio area, Texas Hill CountryMetro Health hosts Baby Buggy Walk for SIDS Awareness MonthFriday Finds: Halloween candy deals & treat alternatives from Grocery Obsessed influencerKeep your drink cold longer with these tumblers. See more Insider Deals here.FILE - A woman walks outside of a branch of"Bank of Cyprus" in Nicosia, Cyprus, Wednesday, Jan. 24, 2024.

Speaking for the Association of Cypriot Banks, Marios Skandalis, chief compliance officer of the island’s largest financial institution, the Bank of Cyprus, said Cypriot banks are among very few internationally that fully enforce restrictions on goods with both civilian and military applications that a number of Russia-friendly countries deal in.

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Russian and Ukrainian business dealings with Cypriot banks dwindled due to sanctions, banks sayCyprus' banks say their exposure to risky Russian and Ukrainian businesses shrunk by more than 13,000 clients and 35,000 accounts, amounting to $2.17 billion, in the year after Moscow’s 2022 invasion of its neighbor as they adhered to sanctions that the U.N., the European Union, the U.S. and Britain have imposed on Russia.
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Risky Russian and Ukrainian business dealings dwindle with Cypriot banks that adhere to sanctionsCyprus banks say their exposure to risky Russian and Ukrainian businesses shrunk by more than 13,000 clients and 35,000 accounts amounting to $2.17 billion in the year after Moscow’s 2022 invasion of its neighbor as they fully adhered to sanctions that the U.N., the European Union, the U.S. and Britain have imposed on Russia.
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