The Largest Bank of Cyprus Will Close Accounts of Thousands of Russian Clients

The largest bank of Cyprus, Bank of Cyprus, intends to close the accounts of about 4,000 clients who are citizens of the Russian Federation and are not residents of the European Union.

The reason for closing the accounts was the suspension of Russia’s membership in the Financial Action Task Force (FATF).

The closure of Russian accounts is attributed to concerns of the United States and Britain’s sanctions.