Bank of Cyprus to close accounts of 4,000 Russian clients

“Bank of Cyprus informed 4,000 customers who have a Russian passport and are non-residents of EU countries that their accounts will be closed in accordance with customer acceptance policies and appropriate risk appetite,” the bank said in a statement.

Read also: Hungary backs away from Russia-backed bank following U.S. sanctions

The bank noted that the deposits of said clients make up less than 0.5% of the total volume of bank deposits.

As of Dec. 31, 2021, the share of deposits of Russian and Belarusian citizens in the Bank of Cyprus was 3%.

According to the bank, the suspension of Russia’s membership in the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, was the reason for closing the accounts.

Read also: Ukraine declares Raiffeisen Bank international sponsor of war

Earlier, it was reported that the Bank of Cyprus would be closing the accounts of Russian citizens over fears of being sanctioned by the United States and the United Kingdom.

We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron!

Read the original article on The New Voice of Ukraine