InsiderEconomyLess and less Russian deposits in Cypriot banks every year

Less and less Russian deposits in Cypriot banks every year

According to data provided by the Central Bank of Cyprus, every year the Russians withdraw more and more money from Cypriot banks.

In 2020, deposits amounting to 688 million euros were withdrawn compared to 2019.

The reduction of Russian deposits seems to be related to the effort taking place internationally to combat money laundering within the EU.

However, the deposits of Cypriots in Cypriot banks have increased, something that confirms the uncertainty prevailing due to the health crisis. At the end of 2020 deposits by Cypriots increased by 459 million euros compared to 2019.

The suspension of installment payments for nine months, the lockdown, less consumption, the prohibition of trips led to an increase of deposits.

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