Cyprus’ banking system has no substantial exposure to Russia since only 3.8% of deposits belong to nationals of that country which is now hit by economic sanctions.
This is what Finance Minister Constantinos Petrides told German state-owned international broadcaster Deutsche Welle (DW) in an interview.
Petrides who was in Germany this week at the invitation of his German counterpart Christian Lindner also said that only 0.8% of loans in Cyprus banks are exposed to Russia.
The message sent out was that the sanctions imposed against Russia following its invasion of Ukraine are not affecting Cyprus to a large extent.
Regarding RCB Bank in Cyprus which has ceased operating as a bank shortly after the invasion announcing that it became an asset management company instead, the Minister said this development does not affect the island’s economy at all.
“It was a decision taken by the bank itself due to the geopolitical developments…All deposits are safe and the island’s economy is not affected at all. That’s the only thing the government cares about,” he added.
