After the visit of the US Ministry of Finance, Cyprus banks began to close the accounts of Russians

Following the Baltic states , another jurisdiction popular with us begins to get rid of Russian money - Cyprus. After a visit to the country of representatives of the US Treasury, local regulators tighten control over Russian accounts, and commercial banks offer Russians either to close accounts or transfer them to a local bank, the largest shareholder of which is VTB.

• The problems of Russians with accounts in Cyprus banks began after a visit to the country in early May of the OFAC delegation, the sanctions unit of the US Department of Finance, said Fun & Profit telegram channel, which is conducted by financial journalist Elena Tofanyuk.
• The Communist Party of the US Ministry of Finance in ultimatum demanded to get rid of the accounts of Russians in Cyprus banks, the source of Fun & Profit said and confirms the source of The Bell, familiar with one of the participants in the meeting. According to him, it was not only about Russian citizens, but also about the Russians who received a Cyprus passport.
• Immediately after negotiations with the Americans, the local financial regulator Cysec warned the country's company about the need to carefully monitor compliance with American sanctions, and the associations of lawyers and auditors sent letters about special caution with Russian money, the local publication Cyprus Mail wrote . It recalls that 9.27% ​​of the shares of the largest Bank of Cyprus in the country belongs to Viktor Vekselberg who fell under US sanctions.
• Now Cyprus banks offer Customer Customers the following choice: either close the account or transfer funds to the RCB bank, the largest shareholder of which is VTB, writes Fun & Profit and confirms the source of The Bell. In case of refusal, the score is closed forcibly. Formally, VTB belongs to less than 50% RCB, but the interlocutor The Bell is afraid of new sanctions against the Cyprus daughter of the Russian State Bank.

What am I to me?

An example of Latvia, in which the emissaries of the US Treasury also visited, shows: difficulties with accounts in Cyprus for Russians are not a temporary phenomenon. If the bank puts you before the closing of the account, it is worth returning the funds in Russia, and then transfer them to another jurisdiction, not forgetting to participate in the amnesty of capital in Russia, says Paragon Advisors, Alexander Zakharov. The general director of the Personal Capital group Vladimir Savenok advises to find a more calm jurisdiction - for example, Liechtenstein: the contents of the account there will cost more than in Cyprus, but for the investor this is a more calm option.

Peter Mironenko