NewsLocalLawyers, accountants call for prompt clarification of grey areas in Russian sanctions

Lawyers, accountants call for prompt clarification of grey areas in Russian sanctions

Lawyers and accountants in Cyprus are calling on the minister of finance and that of foreign affairs to promptly clarify grey areas in the EU restrictive financial measures imposed on Russia.

In a second joint letter sent to the two ministers since Russia invaded Ukraine, the two professional bodies demand the speeding up of implementation procedures. And for all points in the restrictive measures to be clarified.

Specifically, the Cyprus Bar Association (CBA) and the Institute of Certified Public Accountants of Cyprus (SELK) have listed the difficulties arising from the sanctions against Russia. And they stressed that prompt and effective measures are now more than ever necessary.

The two bodies believe the interpretation and practical application of the restrictive measures sparked a shock to the island’s services sector and turned a number of important tasks difficult to be processed.

“We have realised that from the wording of the relevant regulations and decisions many ambiguities arise – to the extent that they complicate the already difficult work of our professionals in their bid to comply with the restrictive measures,” the letters noted.

“An initial and non-exhaustive list of these ambiguities has already been sent to the Ministry of Finance, the Ministry of Foreign Affairs and other supervisory authorities.”

 

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