Central Bank of Cyprus suspends subsidiaries of two Russian banks

Central Bank of Cyprus, Nicosia
The Central Bank of Cyprus
Photo: TourinNicosia/Wikimedia Commons

The Central Bank of Cyprus has ordered the local branches of two Russian banks to essentially cease most operations.  

The CBC issued two notices today (August 14) placing severe restrictions on the Cyprus branches of Promsvyazbank and Avtovazbank. It said it was acting in both cases partly because of decisions taken by Russia’s central bank and other financial regulators.

The CBC ordered that both banks could only engage in three narrow type of transaction connected with existing customer

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