CYPRUS SUFFERS BLOW FROM MASSIVE BANK WITHDRAWALS BY RUSSIAN DEPOSITORS

To Vina in Greece on 8th April reported that, compared to a year ago, there was a €1.34 billion drop in deposits, and compared to 2 years ago €2.65 billion of Russian money was withdrawn from Cyprus’ banking system.  It says that a about €93 million were withdrawn in just 1 month and in a 2-month period up to the end of February €143 million in deposits were withdrawn; and that the decline in Russian deposits appears to be linked to ever stricter regulations adopted as part of the EU’s battle against money laundering.

https://www.tovima.gr/2019/04/08/international/cyprus-suffers-blow-from-massive-bank-withdrawals-by-russian-depositors/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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