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Cyprus freezes accounts used to bypass sanctions against Russia

by The Kyiv Independent news desk April 23, 2023 3:18 PM 1 min read
This audio is created with AI assistance

Cyprus has frozen the accounts of 13 people who allegedly helped Russian oligarchs to bypass sanctions, Cypriot Finance Minister Pavlos Ioannou told public broadcaster CyBC.

The people, including citizens of Cyprus and Russia, are linked to Russian oligarchs Alisher Usamov and Roman Abramovich, CyBC reported.

Usmanov and Abramovich are among the wealthiest Russians, with net worths of over $14 billion and $9 billion, respectively.

Both are sanctioned by the U.S. and the EU.

Cyprus is home to a large Russian diaspora and has historically served as a major financial hub for Russian businesses.

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