Cyprus’s largest bank, Bank of Cyprus, has closed around 20,000 accounts belonging to 7,000 Russian clients since 2022. The financial institution has only retained accounts for individuals of retirement age, according to the bank’s representative, Karen Le Cannu. According to Karen Le Cannu, the Bank of Cyprus began restructuring its client portfolio back in 2014, following the introduction of sanctions against Russia in response to the annexation of Crimea. “At the start of the bank’s portfolio restructuring in 2014, Russian clients accounted for 4% of the portfolio. Today, that share has dro…