It appears this is a current/chequing/checking account rather than the savings/deposit accounts that were originally reported to be subject to the special tax and which pay the ridiculous levels of interest (10%+).
The impact on local business is already being felt, both consumption & payment of supplies & salaries (and soon tax remittance), and imports will suffer significantly in the coming days and weeks too. Exports may well be paid for and the funds remain outside of Cyprus, further creating problems for the economy, as it goes almost all-cash and tax is evaded too. Credit card balances can not be paid off for now either.
It will be interesting to see how Russian mobsters (and various shades of business people) react to having millions/billions taken from them. I'd not want to be a Cypriot politician or banker having to say no to these guys.
The impact on local business is already being felt, both consumption & payment of supplies & salaries (and soon tax remittance), and imports will suffer significantly in the coming days and weeks too. Exports may well be paid for and the funds remain outside of Cyprus, further creating problems for the economy, as it goes almost all-cash and tax is evaded too. Credit card balances can not be paid off for now either.
It will be interesting to see how Russian mobsters (and various shades of business people) react to having millions/billions taken from them. I'd not want to be a Cypriot politician or banker having to say no to these guys.