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

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Cyprus' 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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Read full article: Mayor Deegan says she regrets her choice of words when talking about Trump‘s immigration policy but stands by criticismRead full article: Emergency storm debris contractors will begin pitching in Friday in St. Johns County Overall, Cypriot banks ended business relationships with more than 72,000 clients and shut down nearly 161,000 accounts between 2014 and 2023, amounting to nearly 42 billion euros

He said there were more than 15 countries that Moscow may use to skirt sanctions. After restrictions were imposed on the so-called “dual use” goods, tougher Cypriot bank vetting of these countries' transactions saw a drop in turnover from 16.5 billion euros in 2014 to just 3.8 billion euros in 2023.

 

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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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