Post: Expert: Ban on Cypriot banks using rubles will not harm Russia

Banknotes and coins. Archive photo

Expert: Ban on Cypriot banks using rubles will not harm the Russian Federation and Cyprus

MOSCOW, December 5 – RIA Novosti. Maxim Osadchiy, head of the analytical department of BKF Bank, shared his opinion with RIA Novosti, as reported in the local press that the ban on the use of rubles by Cypriot banks will not harm either Russia or Cyprus.

In early December, Politis newspaper wrote that the Cypriot banking sector had been instructed to stop all transactions in rubles.

Osadchiy believes that “the ban on the use of rubles by banks in Cyprus will not harm either Cyprus or Russia.”

He announced that the Bank of Cyprus, the largest local bank, has only one Russian bank, Raiffeisenbank, on its list of main correspondent banks.

“According to the Bank of Cyprus’s end-2022 report, the volume of customer deposits in rubles was only 262 million rubles (3.5 million euros), while the total deposit volume amounted to 19 billion dollars,” the analyst said.

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Source: Ria

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