Cyprus’s banking system has no substantive exposure to Russia, as only 3.8% of deposits belong to the people of that country, which are currently subject to economic sanctions.
This is what Finance Minister Constantinos Petrides told Germany’s state-run international broadcaster Deutsche Welle (DW) in an interview.
Petrides, who was in Germany this week at the invitation of German counterpart Christian Lindner, also said that only 0.8% of the Bank of Cyprus’ loans were exposed to Russia.
The message sent was that the sanctions imposed on Russia following the invasion of Ukraine did not have a significant impact on Cyprus.
The RCB Bank of Cyprus has ceased its activities as a bank by announcing that it has become an asset management company shortly after the invasion, but the minister said the development would have no impact on the island’s economy.
“It was a decision made by the banks themselves for geopolitical development … all deposits are safe and the island’s economy is completely unaffected. That’s all the government cares about.” Stated.
https://in-cyprus.philenews.com/cyprus-banking-system-has-no-substantial-exposure-to-russia-finance-minister/ Cyprus’ banking system has no substantial exposure to Russia-Minister of Finance