Concern Over TRNC Banks Conduit For Russian Funds


Friday, 25 August 2023

British High Commissioner Irfan Siddiq said that the problem of so-called “black money” being deposited in banks has moved away from the south but has now moved to North Cyprus, Yeniduzen reports.

The Republic of Cyprus has agreed to sanctions against Russia on this issue, but there is a problem in the TRNC.

According to Greek Cypriot daily Haravgi and other newspapers, Siddiq raised this issue at a roundtable meeting of foreign ambassadors within the framework of the Congress of Foreign Greek Cypriots, which began on 22 August in south Nicosia. 

The problem now also exists in the north, this is a challenge for us”, Siddiq said, adding that those involved in “black” money had been significantly removed from the south. Siddiq said the Republic of Cyprus had consented to the imposition of sanctions on Russia in this regard, but that there was a problem in the ‘TRNC’. [ North Cyprus banks do not to question the source of money deposited with them.Ed.]

Siddiq stated that although they do not recognise the ‘TRNC’, which he described as “the authorities in the North”, they cooperate with the ‘TRNC’ authorities to ensure that their activities do not have negative effects on the Republic of Cyprus and the region.

He said he was encouraged by Greek Cypriot leader Nicos Christodoulides’ commitment to finding a solution to the Cyprus problem as his top priority, despite the recent incidents in the buffer zone in Pile.

Referring to the statement issued by the UN Security Council on Tuesday on the issue, Siddiq emphasised the role they played for the issuance of this resolution, “We cannot force Turkey to waive its demands, we need to cooperate with it to achieve a compromise solution“, Siddiq said.


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