It has been determined that the value of outgoing Russian Deposits have shot up to a surprising €5 Billion.
Amidst the trending action of Russian depositors taking their money out of banks in the island nation, the Central Bank of Cyprus has released data that shows a steady decline in monthly deposits of Russian origin.
The decline in deposits and increasing in withdrawals have happened as a result of Cypriot banks making their effort to combat money laundering in the EU since 2013. Before this, Cyprus was more or less a safe haven as far as Russian deposits were concerned.
With Russian customers scrambling to close down their bank accounts in Cyprus in a bid to “save” their money, withdrawal deposits have averaged to around €93 million within a month. Within two months, this figure shot up to €140 million.
According to the data from the Central Bank, Russians deposits bottomed to were €11.76 billion at the end of 2013, and since then has gone down by €4.95 billion as of February 2019. From the 2015 year until the February of 2019, €5 billion in total withdrawn funds from Cypriot banks were Russian.