Cyprus Arrested €105 Mln of Russian Citizens

by Olha Povalaieva
Tuesday, January 17, 2023
Cyprus Arrested €105 Mln of Russian Citizens

Separately, has been launched the procedure for cancelling golden passports 

The minister of finance of Cyprus, Konstantinos Petridis, told the CBS News channel about the support of the sanctions that the progressive world community introduced against Russian aggression. Today, there are €5.6 billion in Cypriot accounts belonging to Russian citizens. €105 million of them were seized by Cyprus. In addition, the state authorities introduced additional monitoring of the activities of Russian companies operating on the territory of Cyprus.

"Any Cypriot company owned by an oligarch under EU sanctions is under heightened scrutiny. But often Russian oligarchs do not list their names next to their assets," Kostiantinos Petridis.

Cyprus also has a golden passport program in exchange for investments of €300.000 or more. As of the end of 2020, 2.886 Russian citizens received golden passports. According to the MoF of Cyprus, the state has started the procedure to cancel the investment passports of 17 Russians who are included in the sanctions list.

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