US Sanctions Cyprus-Based Company Over Russian Financial Links
In a significant move, the United States has imposed sanctions on a Cyprus-based company, Tokentrust Holdings, due to its connections with the Russian financial sector. The entity now finds itself on the Office of Foreign Assets Control (OFAC) list of designated entities, facing restrictions that underscore the US’s commitment to enforcing its sanctions regime.
The address registered for Tokentrust Holdings in Limassol, Lara Court, Arch. Makariou Iii 276, is notably shared with the Tsirides Law Firm. This detail emerged as part of the broader announcement of sanctions against multiple entities with ties to Russia.
US Ambassador to Cyprus, Julie Fisher, highlighted the action on social media, noting that one of the 13 entities recently sanctioned is registered in Cyprus. Fisher emphasized the value of collaboration between the US and Cypriot authorities, stating, “The US appreciates the close cooperation with Cypriot authorities to hold sanctions evaders to account.”
OFAC’s investigation reveals that Tokentrust Holdings was established on June 11, 2020, and plays a significant role as the majority shareholder of Atomaiz, a Moscow-based fintech firm. Atomaiz has been identified as a registered digital financial asset operator engaged in tokenizing precious metals and diamonds for Russian companies. Furthermore, it has established partnerships with Rosbank and Sovcombank, both of which are under US sanctions.
Despite the sanctions and the association with the address at Lara Court, official records from Cyprus’ company registrar indicate that Tokentrust Holdings’ registered office is actually located at Pentadaktylou 4, Monagrouli, 4254, in Limassol. The latest update from the registrar was filed on December 9, 2023.
The enforcement of these sanctions represents a clear message from the US government regarding its stance on entities aiding Russia amidst ongoing international tensions. It also reflects the intricate web of corporate registrations and international finance that authorities must navigate to implement effective sanction measures.
