The largest bank in Cyprus, Bank Of Cyprus, last week began sending notifications to Russian citizens that their accounts will be closed.. This was first reported by the Main Partner Trust, which provides comprehensive services to clients in Cyprus, and also confirms with reference to a source in the banking sector, the Russian edition of Forbes magazine.

The letter informs the bank's customers that their accounts will be closed within two months of receiving the letter because the user's data does not comply with the rules of the "

Main Partner Trust says that Russian tax residence can serve as a “trigger” for the bank. Also, the reason for closing an account may be the presence of income from a sanctioned business in Russia (for example, dividends or salaries for employees at a distance of sanctioned companies), an “atypical” residence permit, for example, type “F” or “visitor”.

A source of a Russian publication in the banking market said that Bank Of Cyprus had closed accounts for Russians before. Moreover, even old accounts of clients who have long lived in Cyprus fell under this procedure..

The decision to close the accounts of Russians in a Cypriot bank in a consulting company is associated with the fear of British and American sanctions that prohibit the provision of consulting, marketing, IT, legal, engineering services to both companies and individuals from Russia. Recent US sanctions packages include measures that prevent circumvention of previous restrictions. In the latest package, Cyprus was the leader in the number of people added to the SDN list for helping to circumvent past sanctions.

In particular, now only the Bank of Cyprus has initiated the procedure for closing accounts, but other banks will also begin a “cleansing”.

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Bank Of Cyprus is considered the largest in Cyprus.

According to the results of last year, Russians kept more than €700,000 on bank deposits. This is 6% more than the year before and does not include Cypriot companies owned by Russian citizens..

Recall that from December 1, Cyprus canceled the simplified visa regime for Russians after the same measures were introduced by the European Union in September. Now citizens of the Russian Federation will have to pay 80 euros for obtaining a national visa for Cyprus.