Cyprus Confidential: Island in spotlight after accused of side-stepping sanctions against Russia

Cyprus is, unsurprisingly, back in the international news following the publication of the International Consortium of Investigative Journalists' (ICIJ) investigation titled "Cyprus Confidential".
The investigation is the product of 3.6 million files that were leaked and came from six financial services providers and one website company.

The ICIJ report basically accuses Cyprus, and more specifically the country's professional services' sector, of side-stepping the sanctions against Russian oligarchs and offering facilities.

PwC Cyprus is at the centre of the report, accused of restructuring Russian oligarchs' companies, as well as transferring assets owned by Alexey Mordashov in TUI Group over to his partner, after the EU had imposed the sanctions. 

ICIJ also says PwC helped a company move assets belonging to tycoons Alexander Abramov and Alexander Frolov, prior to the UK's sanctions. 

The reports were published by OCCRP and The Guardian. The OCCRP report said that PwC Cyprus may have breached the EU's sanctions by selling Alexey Mordashov's shares on 28 February 2022. 

EU officials told OCCRP and The Guardian that the sanctions come into force from the very first day they are published. 

This means that Mordashov was technically subject to the sanctions throughout 28 February 2022, though it is possible that neither he nor PwC were aware that he had been included in the list until later in the day when it was announced. 

Read More

President Christodoulides visiting Lithuania and Estonia for meetings with counterparts
Cyprus sees increased passenger flow at airports, Ministry pledges for highest level of safety
International law at forefront of Cyprus-Latvia foreign policy, President says
MoU signed for creation of a Chair of Indian Studies at the University of Nicosia
MFA publishes contact details of RoC embassies for Cypriot citizens in the Middle East
EU must take the initiative for stability in the region, President says
EU FMs to discuss situation in Middle East via teleconference
India stresses consistent support to Cyprus sovereignty, Joint Declaration of Cyprus - India leaders says
Portugal and Slovakia ask Cyprus to help evacuate citizens from Middle East
Cyprus-India to sign Joint Declaration of Partnership