Cyprus freezes $1.3B in Russian-owned assets

• Cyprus has frozen 1.2 billion Euros ($1.3 billion) in Russian-owned property managed by Cypriot firms, in compliance with sanctions imposed over Russia’s invasion of Ukraine.
• The “overwhelming majority” of frozen property had been held in European Union credit score establishments, based on Cyprus’ Finance Ministry.
• Different EU international locations have frozen as much as 4 billion Euros ($4.34 billion) in Russian property.

Some 1.2 billion Euros ($1.3 billion) in Russian-owned assets managed by Cyprus-registered firms had been frozen in compliance with sanctions imposed on Russia following its invasion of Ukraine, Cyprus’ Finance Ministry stated Tuesday.

The ministry instructed The Associated Press “the overwhelming majority” of these property had been held in European Union credit score establishments and your complete quantity got here on prime of 105 million euros frozen by banks in Cyprus.

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The ministry offered the data in response to European Commissioner for Justice Didier Reynders saying final week that Cyprus gave the impression to be falling behind on freezing Russian-owned property.

Cyprus has frozen 1.2 billion Euros ($1.3 billion) in Russian-owned property. (Photograph by Danil Shamkin/NurPhoto through Getty Photos)

Reynders stated that whereas different EU member nations every froze 2-4 billion Euros price of Russian property, Cyprus’ reported sum of round 100 million Euros “appears to be a bit of low.”

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The Finance Ministry stated this was an error owed to the European Fee receiving incomplete info – an error since rectified by updating a related database.

In the meantime, the Cypriot authorities is stepping up its supervisory capability to make sure compliance with worldwide sanctions by establishing a specialised unit modeled after the U.K.’s Workplace of Monetary Sanctions Implementation (OFSI), based on the ministry.

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The Cyprus authorities can be eager on becoming a member of a European Fee program on supporting “the efficient and uniform implementation of sanctions.”