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Economy

Reluctant Cyprus Says Will Follow EU Sanctions, Go After Russian Assets

NICOSIA – Cyprus, home of so much Russian money and investments it’s been called Moscow on the Med, nevertheless said it will go along with European Union sanctions over the invasion of Russia – at some point.

The Cypriot government is so uneasy about the European Union sanction that include a ban on Russian airlines in the bloc that he said it reserved the right to break them if nearby Turkey – which wants to join the bloc but rejects sanctions – siphons off too many tourists.

President Nicos Anastasiades’ government had to cancel a Golden Visa scheme selling residency permits and EU passports to rich foreigners, Russias near the top of the list, after criticism the program was used for money laundering and for criminals to hide their cash on the island.

The EU produced a list of Russian oligarchs and others whose assets it wants frozen or confiscated but so far there’s no report of Cyprus moving to implement that sanction, although the government said it would eventually.

“There is a limited number of cases of sanctioned individuals who happen to have assets also in Cyprus, among many other EU member-states. The relevant authorities of the Republic are in the process of taking the required steps, as prescribed by the relevant Council of the European Union decisions,” a foreign ministry spokesman said about the delay, said Reuters.

 

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