Cyprus's Largest Bank Leaves Russia

The largest bank has announced its departure from Russia. On January 22, the Bank of Cyprus closed its offices in Moscow and St. Petersburg.

According to the data from the Central Bank of Russia, from this moment, the Cypriot bank ceases the accreditation of its branches in the country.

It is reported that the Bank of Cyprus has become the third foreign bank to leave the Russian market since the beginning of 2024. Currently, there are 23 foreign credit institutions remaining in the Russian Federation.

It is also worth noting that as of the beginning of 2022, there were 37 foreign banks in the country. Nine of them closed in 2022, three in 2023, and another three left the Russian market in early 2024. Since 2022, only one branch of a foreign bank, the Kyrgyz "Aiy Bank," has opened in Russia.

It is reported that the departure of Western banks from Russia is primarily associated with imposed sanctions, as well as the outflow of foreign business and a reduction in trade turnover. By the end of 2023, the assets of foreign credit organizations in Russia had decreased to $66 billion.