Friday

29th Mar 2024

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Suspect trillions flowed through Cyprus, Estonia, and Latvia

Banks in Cyprus, known for their Russian clients and lax supervision, handled €3.4 trillion of cross-border transactions including by non-resident clients between 2008 and 2015, Bloomberg reports. Latvian banks handled €2.8 trillion and Estonian ones €900bn. The figures came out after a scandal in which the Estonian branch of Danske Bank handled €200bn of mostly "suspicious" Russian money, prompting EU action on money-laundering and leading to criminal investigations.

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Opinion

EU Modernisation Fund: an open door for fossil gas in Romania

Among the largest sources of financing for energy transition of central and eastern European countries, the €60bn Modernisation Fund remains far from the public eye. And perhaps that's one reason it is often used for financing fossil gas projects.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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