NewsLocalFour sanctioned Russian oligarchs and 17 dependents lose their Cyprus passport

Four sanctioned Russian oligarchs and 17 dependents lose their Cyprus passport

Out of 1,100 Russians the European Commission has sanctioned following the war in Ukraine authorities in Nicosia have traced four oligarchs who obtained Cyprus passports from 2013 and beyond.

And following last Thursday’s decision by the Cabinet the ‘golden’ passports of the four oligarchs and dependents have been retracted. In total, 21 passports and nationalities have been retracted, Philenews reported on Wednesday.

The four oligarchs believed to be close to Russian President Vladimir Putin and targeted by the EU are Alexander Ponomarenko, Vadim Nikolaevich Moskovic, Mikhail Gutseriev and Alexei Kuzmichev.

Cyprus, an EU member, has backed the bloc’s escalating sanctions against Russia in the wake of its Ukraine invasion.

Even though officials acknowledge that support comes with a price since the sanctions will corrode portions of the Cypriot economy, even if it has already started to turn away from Russian money.

Over €100 billion in investments came from Russia in 2020 alone — roughly a quarter of all foreign investments coming into Cyprus.

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