Cyprus has tightened the application of sanctions against Russians and began to freeze bank and brokerage accounts of Russian citizens if the amount on them exceeds €100,000. BCS, the largest non-banking broker in Russia, warned its clients about blocking Frank Media.
The press service of the BCS confirmed this information to journalists. The broker explained that this is due to the sanctions restrictions of the European Union on the assets of Russian persons.
The BCS added that the restrictions apply to any foreign brokers who have accounts of Russian clients in the Euroclear depository.
As noted RBC , limits on deposits of Russians were introduced back in February 2022, but previously only funds over €100,000 were blocked, and not the entire account balance. According to the new rules, the entire balance on the account is subject to blocking.
“Now the entire amount is taken into account with the total accumulated since February 25, 2022,” RBC’s source said.
For example, if dividends, coupons, redemptions on securities or other payments in the amount of €7,000 have been received on a client’s account of €95,000 since February 25 last year, then not €2,000 exceeding the sanctions limit is now subject to blocking, but all €102 thousand
Restrictions on the size of accounts of Russians in the EU were introduced on February 26, 2022, RBC emphasizes. At the same time, European depositories were banned from providing any services to Russian citizens and organizations for the sale of securities denominated in euros and issued after April 12, 2022.
