A team of experts has responded affirmatively to a request from President Christodoulides and is set to arrive in Cyprus to assist authorities in their investigation into the revelations uncovered by the International Consortium of Investigative Journalists (ICIJ).
The investigation, published under the title “Cyprus Confidential,” delves into Cyprus’s alleged involvement in violating sanctions against Russia.
President Christodoulides, speaking to the media at the sidelines of the BPW Mediterranean Symposium, disclosed that he personally sought the assistance of a team from abroad with expertise in such matters following the publication of the reports.
“Last night, we received a positive response. A team is coming to Cyprus expressly to support the Cypriot authorities—those who have already initiated investigations—as part of our zero-tolerance approach to such phenomena,” he stated. He emphasised that all aspects mentioned in the reports would undergo a thorough examination.
The President reiterated the importance of the country’s reputation and credibility for attracting investments and building a robust, resilient economy. He highlighted the significance of maintaining a strong image for the government to pursue social policies, as well as desirable policies in education and health.
The Cyprus Confidential investigation exposes how Cyprus-based financial services firms have enabled autocratic oligarchs such as Syria’s Bashar Al-Assad and the Russian elite — including President Vladimir Putin’s inner circle — to shelter their wealth and evade international sanctions.
Against the backdrop of Russia’s invasion of Ukraine in 2022, the revelations demonstrate how PwC’s Cypriot unit facilitated Russian oligarchs in evading Western sanctions, turning Cyprus into a clandestine financial battleground.
Among others, The investigation details how PwC Cyprus assisted Russian industrialist Alexey Mordashov in transferring a $1.4 billion investment to elude EU sanctions.
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