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Russian banks managed to shore up positions in Cyprus despite sanctions — ambassador

February 07, 21:25 UTC+3 MOSCOW

Relations between Russia and Cyprus maintain positive dynamics, the ambassador notes

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MOSCOW, February 7. /TASS/. Crisis and sanctions did not prevent operations of Russian banks in Cyprus and they managed to reinforce positions there, Russian ambassador in Cyprus Stanislav Osadchiy told TASS in an interview on Tuesday.

"Concerning our banks represented in the island, they did not merely manage to stay afloat in conditions of recession but strengthened positions there," the ambassador said. "As far as we are aware, anti-Russian sanctions introduced by the European Union did not interfere with their operations," he said.

"RCB Bank [a subsidiary of Russia’s VTB24] is among leading credit institutions in Cyprus, included recently by the ECB into ranks of four systemic Cyprus banks of the Eurozone," Osadchiy said. "Compared to other credit institutions, RCB Bank is highly liquid and proactively expands its network on the island - subsidiary offices were opened in Nicosia and Limassol in 2015," the diplomat said. Russia’s Promsvyazbank also has an office in Limassol, he added.

Relations between Russia and Cyprus maintain positive dynamics, the ambassador said. "Close economic cooperation, though frequently exposed to challenging tests, continues to be their driver," he added.

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