Russian oligarchs unable to make withdrawals in time

According to the CBC's information, they were unable to withdraw deposits from natural or legal persons whose assets had been frozen as a result of penalties - "Several tens of millions have been frozen."

Prior to the implementation of sanctions, no Russian oligarch was able to withdraw funds from Cypriot institutions.


As verified by Central Bank Governor Konstantinos Herodotou, who cited CBC data, there is complete awareness of the quantity of deposits and the identities of natural and legal individuals involved with them. According to Mr. Herodotus, after the CBC's legal staff has considered all relevant factors and the law permits, pertinent material will be made public.

No need to be concerned about the CBC - "Tens of millions are frozen"


Despite the impressions produced, the Governor of the Central Bank stated that there is no cause to be concerned about the chain effects of freezing the assets of Russian billionaires or enterprises, since the amount frozen is just "a few tens of millions."


"Based on the European Commission sanctions, the number is not at all worrying and I say that because it sounds different. Because I know the number. These are a few tens of millions. A few tens of millions have been frozen. Do not let people in Cyprus and abroad think that we are talking about huge numbers… Because there are still wrong impressions "said Mr. Herodotou.


He emphasized, particularly for Cyprus, that the quantity of Russian deposits has declined dramatically since 2014, both in absolute terms and in percentage terms.


Alarm for banks - It is a criminal violation to refrain from enforcing punishment.


Indeed, Mr. Herodotus stated on state radio that the Central Bank had and continues to work closely with all local banks to ensure that sanctions imposed by the EU on Russian oligarchs and companies with Russian interests are properly implemented and adhered to. Incorrect application will have significant consequences, even entering the realm of criminal offense.


"We are cooperating fully with the banks to ensure the correct implementation of the sanctions imposed by the European Commission, on the one hand because it is our obligation and on the other hand, because the consequences of non-implementation are very important and in fact a criminal offense," he said. to protect the banks and we crossed the data to make sure that the sanctions were imposed on the right people and companies and the accounts and all the other assets that should be frozen ".

By fLEXI tEAM