EU Sanctions Probe Targets Russian Billionaires

Progress in EU Sanctions Investigation by Cypriot Authorities

In the wake of the Ukrainian conflict, Cypriot authorities are investigating possible breaches of EU sanctions on Russian billionaires. A recent meeting at the Law Office shed light on the advancements made in these cases, with the Economic Crime Investigation Unit presenting their findings on a significant portion of the 30 cases under scrutiny.

Among the high-profile individuals caught in the investigation’s net is Russian steel magnate Alexei Mordashov. Investigators are looking into cases involving high-profile individuals like Alexei Mordashov, who is reported to have transferred shares worth a staggering €1.4 billion to his wife in the wake of sanctions. The timing of this transfer is crucial, as authorities are trying to establish whether it occurred before or after the sanctions were enacted.

The Law Office, which includes the Attorney General and Deputy Attorney General, along with legal advisors, convened with investigators to both assess the progress made and to provide further directives. This meeting has led to a buzz around potential prosecutions that may be forthcoming.

Investigations kicked off earlier this year, prompted by reports from various entities including the Anti-Money Laundering Unit (MOKAS), accountants’ and bar associations, the Central Bank, and the Ministry of Finance. Notably, four Russian oligarchs who were spotlighted in the investigative “Cyprus Confidential” report are also under close examination.

To strengthen their case, Cypriot authorities have reinforced the Economic Crime Investigation Unit and are actively seeking evidence from international partners. Sources close to the matter have revealed that there were movements of funds out of Cyprus just before the sanctions hit, hinting at possible attempts to evade the impending restrictions.

As the investigation unfolds, case files for concluded probes have been submitted for review, with two already in the hands of the Prosecutor’s Office. The outcomes of these investigations could have significant implications for those attempting to circumvent international law amid global conflicts.

Cypriot authorities are investigating possible breaches of EU sanctions on Russian billionaires related to the war in Ukraine

Are Cypriot officials probing EU sanction breaches by Russian tycoons over Ukraine?

Yes, Cypriot authorities are investigating potential breaches of EU sanctions by Russian tycoons linked to the Ukraine conflict, ensuring compliance with international regulations.

Can Cypriot authorities find breaches of EU sanctions by Russian billionaires?

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