Cyprus protests portrayal as safe haven for Russian money

Cyprus has frozen about 1.5 billion euros ($1.6 billion) in Russian-linked deposits and assets in accordance with European Union sanctions over the war in Ukraine, the island nation’s finance minister said Thursday.

Constantinos Petrides also told a press conference that Russian deposits in Cypriot banks have fallen from a stunning 40% of the total before the 2013 financial crisis — when big depositors were forced to take a cut on their money under a so-called “bail-in” deal — to 3.8%.

Under EU sanctions adopted since last year’s Russian invasion of Ukraine, Petrides said, Cypriot authorities have frozen 105 million euros in Russian-linked bank deposits, 720 million euros in funds managed by Cyprus-registered investment companies and 719 million euros in assets held by administrative services.

Source: APNEWS