Cyprus No Longer Mediterranean Haven for Russian Businesses
For Russian businesses, Cyprus just isnít what it used to be.
New Cypriot anti-money laundering rules are compounding the effects of U.S.
sanctions against Russia and its high-profile citizens, driving money away from
the one-time haven.
The value of bank accounts at Cypriot lenders held by foreign nationals from
outside the euro-area ó mostly Russian ó fell to 7.1 billion euros ($8.1 billion)
at the end of November, according to the Central Bank of Cyprus. Thatís down
from a peak of 21.5 billion euros at the end of 2012.
En+ Group plc said Nov. 2 it... [
Links only visible to Registered Members Register for Free or Login to the forum.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum