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 fully adhered to sanctions that the U.N., the European Union, the U.S. and Britain have imposed on Russia.
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Overall, Cypriot banks ended business relationships with more than 72,000 clients and shut down nearly 161,000 accounts between 2014-2023, amounting to nearly 42 billion euros 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 trade restrictions on goods with both civilian and military applications. He said there were more than 15 Russia-friendly countries that Moscow may use to skirt sanctions.
After restrictions were imposed on “dual use” goods, turnover between such countries dropped from 16.5 billion euros in 2014 to just 3.8 billion euros in 2023. Cypriot banking officials say bank clients as well as all payments and deposits are filtered through U.S, U.K, EU and U.N. sanctions lists daily. Also, any business dealings with close family members or associates of individuals who have been sanctioned are terminated.
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