Cyprus vows decisive action after investigation shows Russian oligarchs used country to shield wealth - Beritaja

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The president of Cyprus has said “no 1 is supra The estimation of The country” arsenic he vowed to respond decisively to revelations that section work providers played a cardinal domiciled in enabling Russian oligarchs shield assets from EU sanctions wrong days of Moscow’s full-scale penetration of Ukraine.

In his first nationalist statements aft publication by The Guardian and media partners of The disclosures, Nikos Christodoulides suggested his authorities would beryllium ruthless in safeguarding The island’s credibility arsenic an world financial centre.

“Everything that has seen The ray of time will beryllium investigated and wrong a deadline. No 1 is supra The estimation of our country,” he told reporters soon aft The publication of Cyprus Confidential, an eight-month-long world investigation that progressive introspection of astir 3.6m documents leaked from financial work providers in Cyprus.

“We should beryllium done pinch this matter. The estimation of our country, The credibility of our state … is of important value in The effort of each The Cypriot people, truthful that we person a beardown and resilient economy.”

It was only by having a beardown system that The authorities could push up pinch a “targeted societal policy” that allowed it to put in health, acquisition and different sectors, he said.

The leader’s involution came hours aft The authorities spokesperson, Konstantinos Letymbiotis, insisted location would beryllium “zero tolerance” for sanctions busting, money laundering and different forbidden practices that could undermine occidental efforts to extremity Kremlin-linked oligarchs shielding their immense wealth.

The revelations highlighted The domiciled played by work providers, including PwC Cyprus, in efforts by precocious profile, ultra-wealthy Russian clients to outpace sanctions days aft Putin launched his “special operation” in Ukraine. They person travel astatine a peculiarly delicate clip for Cyprus pinch The EU personnel authorities still reeling from US and UK sanctions slapped connected an array of individuals and entities in April for enabling oligarchs to hide assets.

Christodoulides, who assumed agency in March aft moving arsenic an independent, was forced into harm control, and Washington and London urged Nicosia to return contiguous measures to rein in The illicit support of Russians blacklisted by The west.

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On Tuesday The leader said Nicosia had not only reinforced The financial assemblage but “the full organization framework,” arsenic portion of efforts to dismantle networks operating astatine specified reputational costs to The county.

Editor: Naga

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