Report: Bank of Cyprus to close accounts owed by Russian Federation citizens

Bank of Cyprus this week has allegedly begun informing clients who are citizens of the Russian Federation that their accounts will close, according to the Russian-language edition of Forbes, which cites the company Main Partner Trust as its source.

According to the latter’s director, Aljona Sakharova, the island republic’s largest bank has sent letters to specific clients, informing them that their bank accounts will be closed in roughly two months from the moment they receive a specific notification.

The reasoning ostensibly cited by the bank is that their personal information does not correspond with its regulations.

Main Partner Trust claims that one of the reasons for the action against Russian citizens-cum depositors may be the tax regime for a resident of Russia.

Another reason may be the existence of income from business activity in Russia that is subject to western sanctions.