Island shuts 10,000 Russian bank accounts as US and UK put Cypriot lawyers and accountants under sanctions for enabling oligarchs including Roman Abramovich
But the US and UK sanctions also signalled something else: the realisation that what was at stake was nothing less than “Cyprus’ name as a reliable, financial and business centre”, in the words of the Greek Cypriot government spokesperson. A decade after the EU’s most easterly member narrowly averted economic collapse in a banking crisis that exposed the extent of the tiny island’s addiction to Russian money, its financial integrity appeared once again to be on the line.
“The Bank of Cyprus has notified 4,000 clients that have a Russian passport and are not resident in an EU country that their accounts will be closed,” it said citing customer acceptance policy and relevant risk appetite. “The action follows the suspension of Russia’s membership by the Financial Action Task Force and the designation of Russia as a non-cooperative tax jurisdiction by the EU.”The Cyprus president, Nikos Christodoulides.
“If the US pulls a bank’s ability to transact in dollars, that bank cannot survive,” said Fiona Mullen, the director of Sapienta Economics, a consultancy based in the island’s capital. “I have been saying for a long time that the Republic of Cyprus needs to treat its reputation for international probity as an existential issue just as it does the Cyprus problem”, she added, referring to negotiations aimed at reuniting Europe’s only divided state.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine war at a glance: what we know on day 422 of the invasionBlast reported in Russian city of Belgorod leaves ‘huge’ crater; Zelenskiy calls on Nato to give timeframe for Ukraine accession
Read more »
Russia-Ukraine war at a glance: what we know on day 421 of the invasionNato chief makes first Kyiv visit since start of full-scale invasion; Denmark and Netherlands to donate 14 Leopard tanks to Ukraine
Read more »
Russia calls for 'real' men to join the army in video recruitment driveRussia's army has called on male citizens to live up to stereotypical images of masculinity in recruitment ads posted on social media.
Read more »
Albanese to attend NATO summitPrime Minister Anthony Albanese has agreed to attend the NATO summit in Lithuania in July after coming under criticism when it appeared he would skip the high-powered gathering.
Read more »