The government of Ukraine sanctioned seven companies that are registered in Cyprus for allegedly facilitating the funding of Russia’s continuing war against the country.
According to Interfax Ukraine, Ukrainian President Volodymyr Zelenskyy signed a decree on November 7 sanctioning Cyprus International Distribution Systems Limited, owner of the largest Ukrainian producer of mineral waters IDS Ukraine. The company will now see its assets blocked, will not be able to withdraw capital abroad and will face a ban on increasing the charter capital of related Ukrainian companies.
Ukraine imposed similar sanctions on eight more companies: four – Sogeral Foundation, Haberfield Limited, Slavisilla Holdings Limited and Dendar Investment Fund Limited (all Cyprus) – for a period of 10 years, while IDS Limited and four others – for a period of two of the year.
Among the latter are Alfa Finance Holdings Limited, Erasmony Limited, Rissa Investments Limited and CTF Holdings S.A.
Most of these companies are associated with Mikhail Fridman. According to reports from last September, the Security Service of Ukraine (SBU) believed that Fridman was supporting Russia’s war machine. Specifically, after the Russian invasion, he is alleged to have financed factories producing military equipment with two billion rubles (€20 million).
