NICOSIA (Reuters) – When the Cyprus bank run began earlier this year, Russians set much of the pace. Documents seen by Reuters show that as the Mediterranean island headed towards financial meltdown in March, most notable among companies transferring money from the country’s two main banks were Russians and East Europeans.

At least 3.6 billion euros ($4.67 billion) was removed in two weeks by big depositors, according to the documents. Though many companies listed initially appear obscure, a Reuters analysis shows a significant proportion are vehicles for foreign investors more at home in Moscow or Kiev than Nicosia.

NICOSIA, May 15 (Reuters) – When the Cyprus bank run began
earlier this year, Russians set much of the pace. Documents seen
by Reuters show that as the Mediterranean island headed towards
financial meltdown in March, most notable among companies
transferring money from the country’s two main banks were
Russians and East Europeans.

At least 3.6 billion euros ($4.67 billion) was removed in
two weeks by big depositors, according to the documents. Though
many companies listed initially appear obscure, a Reuters
analysis shows a significant proportion are vehicles for foreign
investors more at home in Moscow or Kiev than Nicosia.