NICOSIA, Cyprus (AP) — Cyprus banks have reported a significant reduction in their exposure to risky Russian and Ukrainian businesses following the 2022 invasion of Ukraine by Russia. In the year after the invasion, Cyprus banks saw a decrease of more than 13,000 clients and 35,000 accounts, totaling 2 billion euros ($2.17 billion), as they complied with sanctions imposed by the U.N., the European Union, the U.S., and Britain on Russia.
Official figures reveal that the number of Russian clients utilizing Cypriot banks dropped by almost half to 0.35%, while Russian-held deposits decreased from 2.21% to 1.53% during the same period.
