Cyprus Banks Freeze Russian Accounts

by Meifan Honcharuk
Friday, April 21, 2023
Cyprus Banks Freeze Russian Accounts

The Cypriot government intends to continue to adhere to economic sanctions against Russian citizens

The director of the Central bank of Cyprus, Constantinos Herodotou, said that Cyprus "will not tolerate" circumvention of sanctions against the Russians, therefore, republican banks will follow the sanctions roadmap prepared at the request of the president.

"We must protect the credibility of our country, we will not back down from EU sanctions," Constantinos Herodotou.

It is known that the state's largest banks have already begun to freeze the accounts of Russians who are under sanctions. Clients of the Bank of Cyprus, as well as branches of the Greek Hellenic Bank and Alpha Bank, can say goodbye to the service of these banks.

The Bank of Cyprus is one of the largest banks in Cyprus, holding around €700.000 excluding Russian corporate funds. Bank customers began to receive notifications that their accounts will be closed within 2 months. It is worth noting the conscientiousness of the employees of this bank: they freeze the accounts of not only those Russians who attempted to hide their funds in Cyprus after the outbreak of a full-scale war but also those who have long lived on the island.

The reasons for falling under the measures of banks may be the citizenship/status of a tax resident of Russia, income from business in the aggressor country, as well as separate residence permits in the country: a digital nomad or visitor visa.

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