Cyprus took the money of Russian oligarchs

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Photo: Yiannis Kourtoglou / Reuters

Cypriot banks began to demand from the Russians to provide information on their sources of income received in the past. According to Bloomberg, there are already about two such cases.

According to the Agency, we are talking about the accounts of businessmen who were keeping money on the island more than 10 years. It is noted that entrepreneurs are unable to provide banks with documentation of income received many years ago, so they had to close their accounts.

According to the Central Bank of Cyprus, the cost of Bank accounts belonging to foreign citizens outside the Euro area, mainly Russian, fell to 7.1 billion euros at the end of November 2018. The peak was at the end of 2012 — then the value of such assets was estimated at 21.5 billion euros.

In 2018, Cyprus came under pressure from the U.S. Treasury, which was perceived as an attack on the Russian money, provoked by Washington. The Russian authorities stated that the sanctions of the European Union and a crackdown by the Cypriot Central Bank has led to the closure of tens of thousands of Russian accounts on the island.

Video, photo All from Russia.

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