Russian oligarchs with EU passports obtained through the now disbanded Cypriot citizenship-by-investment scheme are on the list of those whose assets may be frozen because of the war in Ukraine.
The oligarchs under the microscope by the West are believed to be close aides of the Russian government and personal friends of Vladimir Putin, Philenews reported on Friday.
Bank insiders in Cyprus have assured that the scrutiny applied into efforts to identify all clients affected by imposed sanctions is exhaustive. The implementation of decisions affecting them, that is the freezing of accounts is also thorough, one added.
Insiders also assured that the outflow of deposits following the Russian invasion is still not worrisome since excess liquidity in Cyprus banks is unprecedented.
However, a circular by the governor of the Central Bank of Cyprus on this issue sent out to all Cyprus-based banks is proof that the banking system and sector at large has been affected by the sanctions.
Specifically, the governor has requested daily updates, with specific data, on all transactions and interactions recorded in connection with European and other sanctions against companies of Russian interests and/or natural persons.