Russian deposits worth €105 million confiscated in Cyprus
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Russian bank deposits worth €105 million were confiscated by the Cypriot authorities, said the country’s Finance Minister Konstantinos Petridis. He also told CBS News on the process of seizing the passports of oligarchs under sanctions.
“Any Cypriot company owned by an oligarch under EU sanctions is under increased scrutiny. But often Russian oligarchs do not list their names next to their assets,” Petridis said to CBS. It is assumed that in total Russian bank deposits in the amount of €5.6 billion are placed in Cyprus.
In August 2022, it became known that Cyprus deprive nationality of seven foreign nationals due to European sanctions. Until 2020, Cyprus was considered by entrepreneurs from Russia as one of the most attractive countries for investment due to the simple mechanism for obtaining “golden passports”. By data Reuters, from 2007 to 2020, Cyprus granted citizenship to 2,886 Russians.
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