Cyprus plays an important role in concealing the wealth of Russian oligarchs even after the outbreak of a full-scale war against Ukraine. At the same time, the European Central Bank (ECB) does not have sufficient leverage to control the Cypriot banking system.
President of Ukraine Volodymyr Zelensky enacted the decision of the National Security and Defense Council of Ukraine (NSDC) to impose sanctions against 18 legal entities registered in Cyprus, Moscow and Luxembourg.
Cyprus has cracked down on individuals and entities who, according to the U.S. and Britain, have been helping Russian oligarchs circumvent sanctions introduced over Russia’s war against Ukraine.