According to figures obtained by The Associated Press on Wednesday, Russian deposits held in Cypriot banks fell 76% from 2014 to 2022, while Ukrainian deposits shrank by 67%.
The number of Russian clients using Cypriot banks dropped 82% in the same period, while Ukrainian clients fell by 54%.
For years, Cyprus was known as an ask-few-questions jurisdiction whose banks welcomed money from wealthy depositors, despite their shady connections.
“All this is now history for Cyprus … Mistakes have been made in the past and the first who paid for these mistakes were the Cyprus Republic and the Cypriot people themselves,” Christodoulides said.
In 2022, more than 1,600 international companies registered in Cyprus – mostly in tech — including 47 multi-nationals.
Persons:
Nikos Christodoulides, “, Christodoulides, ” Christodoulides, ”, Constantinos Letymbiotis, Letymbiotis
Organizations:
—, The Associated Press, Local, of, Union, Russia, U.S . Federal Bureau of Investigation, Department of Justice, AP
Locations:
NICOSIA, Cyprus, — Cyprus, Ukraine, Russian, Cyprus Republic, Russia