NewsLocalNew sanctions lists with Cypriot entities, individuals to be released Friday  

New sanctions lists with Cypriot entities, individuals to be released Friday  

Sanctions lists with additional Cypriot entities and individuals placed on them by the US and UK are expected to be announced on Friday, Philenews reports citing insiders.

Last month, 13 Cypriot entities and individuals were placed for allegedly enabling Russian oligarchs sparking concern over inevitable economic consequences.

Insiders also said the new package of restrictive measures should be considered a fact and that the explanatory information leaves no doubt over the alleged activity recorded.

It is unclear whether this certainty stems from unofficial information coming from the Office of Foreign Assets (OFAC) of the US Treasury Department.

In April, the US and UK had given the Cyprus government at least a 24-hour warning before the sanctions lists were made public.

In particular, the Ministry of Foreign Affairs had received official notification from a competent US authority under the country’s “no surprise policy”.

The announcement of the entities and individuals on the announced sanctions lists sparked an alarming number of layoffs with hundreds of employees remaining unpaid.

Because bank accounts and other assets belonging to the alleged “financial fixers” of Roman Abramovich and Alisher Usmanov – close allies of Vladimir Putin – have been  frozen since mid-April.

The measures, afterall, aimed at dismantling the financial networks of the two oligarchs.

The some 400 affected employees in Cyprus are those of Limassol-based corporate service provider Meritservus and Nicosia-based law firm Chistodoulos G. Vassiliades and Co.LLC.

Meritservus has been sanctioned by the UK for its alleged collaboration with Roman Abramovich, while the well-known Nicosia lawyer’s firm has been included on both the UK and US lists on the grounds of providing services to Russian oligarch Alistair Usmanov.

Both big firms are unable to carry out financial transactions as the commercial banks in Cyprus have ‘blocked’ their accounts.

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