Cypriot Media Reports Mass Exodus of Russian Businesses from the Market

The largest Russian companies are ceasing their operations in the Republic of Cyprus. According to local media reports, over the recent period, more than 10 enterprises have left the market.

As reported by Philenews, businesses with significant operations are relocating either to Russia or to neighboring countries, such as Kazakhstan.

Among the companies that have either already left the Cypriot market or plan to do so soon is TCS Group Holding.

It is claimed that the parent company of Tinkoff Bank, TCS Group Holding, will make a final decision about its future on Monday, January 15. According to the publication, the company is planning to move to one of the special administrative regions in Russia.

It is reported that earlier, decisions to withdraw assets from the island have been made by shareholders of the development company "Etalon," founders of the Fix Price network, United Medical Group CY Plc, and other major enterprises.