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Progress in Economic Sanctions Violation Investigations
The Law Office has been actively reviewing over 40 open cases related to the potential violation of economic sanctions by Russian businessmen. These sanctions were imposed by the US in response to Russia’s military actions against Ukraine. Attorney General Giorgos Savvides has expressed contentment with the advancements made in these investigations, as reported by Phileleftheros.
It is anticipated that the first of these cases will be brought to justice shortly, with the possibility of others following suit. Currently, three cases have been thoroughly examined by the Law Office, focusing on alleged sanction breaches by Russian oligarchs.
For some cases where the review process is complete, the next step involves drafting indictments to commence criminal proceedings. The Office for Economic Crime Investigation’s team has indicated that certain investigations are nearing completion and will soon be submitted for further examination.
One notable case under scrutiny involves Russian tycoon Alexey Mordashov and the transfer of significant funds through stock transactions. Allegations have been raised by international entities, particularly from the US, suggesting that these actions may have contravened economic sanctions during the period immediately following their announcement and prior to their publication in the Republic’s Official Gazette.
The critical determination for the Law Office is whether any violations occurred during a grace period or after the sanctions were officially published. It is important to note that sanctions become effective at the start of the first hour on the day they are announced in the Official Gazette, which could imply a lack of awareness about the sanctions among those implicated until their formal declaration.
In an effort to bolster local expertise in sanction-related investigations, experts from the FBI were recently in Cyprus to provide guidance. This international collaboration underscores the complexity and significance of enforcing economic sanctions and ensuring compliance with international legal standards.
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