Cyprus Invites Foreign Experts to Investigate Russia's Laundering of Sanctioned Money
Cyprus President Nicos Anastasiades has requested an unnamed third country to send a team of experts in financial crimes. The investigators are to check the charges against Cypriot financiers for helping Russian oligarchs circumvent international sanctions.
This information is reported on the website of the Press and Information Office of the Ministry of Internal Affairs of the Republic of Cyprus.
"I have requested that a team of experts from a third country with experience in resolving such issues come to Cyprus, and we received a positive response last night. Therefore, a team is coming to Cyprus to strengthen the Cypriot authorities, all those who have already started the investigation, particularly in the context of zero tolerance for such phenomena," emphasized Anastasiades.
It is expected that the experts, along with a group of Cypriot investigators, will analyze media reports alleging that Cypriot lawyers and accountants transferred funds for Russian oligarchs through a shadow network of trusts and companies. Allegedly, Cypriot financiers aided Russians in avoiding the confiscation of assets subject to sanctions.
"Everything that has become known will be investigated, and the reputation and trust in our country, which are crucial for our goal of attracting investments and building a strong and resilient economy, allowing us to pursue the policies we want in education and healthcare, are our top priority," stressed the President.
Nicos Anastasiades also noted that to preserve the reputation, he plans to establish a Single Supervisory Authority in the country to counter all types of financial abuses or sanctions evasion.
Recall that the accusations of financial manipulations were published by the International Consortium of Investigative Journalists. Articles analyzed documents indicating that Cypriot firms helped Russian oligarchs evade sanctions.
In particular, according to journalists, after Russia's invasion of Ukraine in 2022, when the entire Western world imposed sanctions against the Kremlin, the Cypriot firm Abacus Ltd. transferred $5 million to various accounts on behalf of Russian billionaire Petr Aven.