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.
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