Cyprus sees Russian bank deposits plunge as government seeks to clean up its financial image

Official figures obtained by The Associated Press show that Cyprus has made headway in weaning itself off Russian cash and business as it tries to clean up its image. Russian deposits held in Cypriot banks fell 76% from 2014 to 2022, while Ukrainian deposits shrank by 67%. For years, Cyprus was known as an ask-few-questions jurisdiction whose banks welcomed money from wealthy depositors, despite their shady connections. It was especially popular with Russia’s wealthy oligarchs. But that began to change following a 2013 financial crisis that brought the country to the brink of bankruptcy. Cypriot President Nikos Christodoulides, who took office in March last year, is vowing to enforce sanctions related to Russia’s ongoing war in Ukraine.