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Cyprus Allows Russian Banks to Withdraw Funds
15.05.2013 20:20
Cyprus Allows Russian Banks to Withdraw Funds
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The Cypriot Finance Ministry has lifted the freeze on financial transactions for the subsidiaries of two Russian banks.

      The permission will allow the Russian Commercial Bank, owned by VTB, and the local subsidiary set up by Promsvyazbank to withdraw funds that would otherwise be exposed to a rigorous haircut.

      Cyprus was forced to accept the terms of the EU-proposed bailout to avert an imminent collapse of its banking sector. 

Author: Mikhail Vesely

Tags: VTB Promsvyazbank Russian banks   

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