Russian citizens who do not permanently reside in Cyprus and do not hold a European passport are to be requested to withdraw their deposits and close their accounts within the next two months at Cypriot banks.

The revision of the risk category of citizens of the Russian Federation by the FATF (Financial Action Task Force) prompted Cypriot banks to send ultimatums to Russian citizens who do not reside in Cyprus and do not have a European passport to close their accounts.

The revised FATF recommendation issued last month has placed Russian citizens in the high-risk category, classifying them on the “grey list” along with other countries and characterising them as “high-risk clients.”

As a result, Russians who do not have a European passport or are not permanent residents of Cyprus will no longer be able to maintain accounts at Cypriot banks, while it is important to emphasise that Russians with Cypriot or European citizenship or legally residing in Cyprus are not affected.