Cypriot authorities and FBI team up for new investigations into Russian sanctions evasion
Cypriot police are set to initiate new probes targeting Russian nationals for alleged evasion of U.S. and EU sanctions, with pivotal support from the U.S. Federal Bureau of Investigation (FBI). A specialized task force, including FBI experts, recently wrapped up a nine-month assignment on the Mediterranean island. Their collaborative efforts with Cypriot police and government agencies led to the identification of Russian nationals and other offenders defying sanctions imposed by the U.S. and the EU, according to a report by The Moscow Times.
Earlier this March, Cypriot authorities boasted major progress in enforcing these sanctions, freezing over €1.2 billion in Russian assets. A report from the Cyprus Securities and Exchange Commission (CySEC) last year revealed they conducted 90 audits, specifically focusing on sanction compliance, and some findings have been forwarded to the police for investigations pertaining to asset transfers back to Russian jurisdictions. Several Russian entities including Tinkoff Bank, Etalon Group, European Medical Center, companies affiliated with RussNeft, Rusagro, SberMarket, Fix Price, Transmashholding, Globaltrans, HeadHunter, Ozon, and Softline have exited Cyprus. In response, CySEC has taken robust measures against Russia, suspending or revoking licenses of several firms, including those linked to substantial financial institutions.
Adding to the crackdown, Cypriot officials revoked the 'golden passports' of Russians, with 77 individuals losing citizenship last year after the FBI-backed task force commenced operations in Cyprus. Additionally, authorities launched a comprehensive probe into Russian activities on the island last spring, opening 29 cases following sanctions against 13 companies and individuals accused of hiding oligarch assets.