OREANDA-NEWS The management of the largest bank of Cyprus — Bank of Cyprus — warned about the closure of the accounts of 4 thousand Russians. The measure will affect those customers who are not residents of the European Union (EU) countries, and will be conditioned by sanctions risks, RBC reports with reference to the corresponding statement of the credit institution.

"Bank of Cyprus has notified 4,000 customers who have a Russian passport and are not residents of EU countries that their accounts will be closed in accordance with the customer acceptance policy and the corresponding risk appetite," the credit institution said.

At the same time, closing accounts will not lead to a massive outflow of bank customers. As of the end of last year, citizens of Russia and Belarus made up an insignificant part (3%) of the financial portfolio of a credit institution, explained in Bank of Cyprus.

On April 15, Business FM radio station reported that Bank of Cyprus managers began sending out notifications to Russians about closing accounts. At the same time, two months are given for the implementation of this procedure. As noted, the relevant warnings were received by tax residents of Russia, as well as citizens who have income from sanctioned business in the Russian Federation.