In Cyprus, Hellenic Bank has initiated mass closures of accounts belonging to Russian clients

In Cyprus, Hellenic Bank has initiated mass closures of accounts belonging to Russian clients, following a similar move by Bank of Cyprus last April. The closures affect hundreds of Russians, including those holding “Cypriot documents” and operating companies on the island. Hellenic Bank attributes the action to compliance with sanctions against Russia due to the Russia-Ukraine war. Meanwhile, Cyprus is witnessing a significant departure of major Russian companies, including TCS Group Holding, Etalon Group, Transmashholding, HeadHunter, and Ozon, amid heightened scrutiny and investigations into Russian involvement by local authorities, aided by international agencies like the FBI.