Cyprus' largest bank leaves russia
Kyiv • UNN
The largest Cypriot bank, Bank of Cyprus, is closing its offices in russia, becoming the third foreign bank to do so in 2024. The decrease in the number of Western banks in russia due to sanctions and reduced trade has brought the total number of foreign credit institutions to 23.
The largest Cypriot bank, Bank of Cyprus, has closed its representative offices in Moscow and St. Petersburg. This was reported by UNN with reference to russian media.
Details
It is noted that starting January 22 , the bank will stop accrediting its branches in russia. Since the beginning of 2024, this is the third representative office of a foreign bank to close in russia.
According to the register of accredited representative offices, at the beginning of 2022, there were 37 foreign credit organizations in russia. However, with the outbreak of the russian war against Ukraine, they began to close: nine in 2022, three in 2023, and three more since the beginning of 2024. The total number of them in the country decreased to 23.
However, during this time, one new representative office was opened - the Kyrgyz Ail Bank
Addendum
The decline in the business of Western banks in russia is due to sanctions, the outflow of foreign business and a reduction in trade.
It is noted that at the end of 2023, the assets of foreign credit institutions in russia decreased to $66 billion, which is half as much as in 2021 ($119 billion) and almost four times less than in 2012 ($239 billion).
russian media say that currently the level of business of Western banks in russia is compared to the late 1980s, when their assets were estimated at $40 billion, and the period of the late USSR, when they amounted to $10 billion.
Recall
Turkish banks are refusing to work with russiansamid US President Joe Biden's decree imposing sanctions for cooperation with russia.
We are talking about termination of correspondent relations, and even termination of payment processing without formal closure of contracts.
