Insider Business US sanctions against three Cypriot companies

US sanctions against three Cypriot companies

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) which is targeting corrupt actors and their networks across numerous countries in Europe, Asia, and Latin America has also imposed sanctions on three Cyprus-registered companies.

These companies are affiliated with Slobodan Tesic who was among the biggest dealers of arms and munitions in the Balkans. He has also spent nearly a decade on the United Nations Travel Ban List for violating UN sanctions against arms exports to Liberia.

The Cyprus-based sanctioned companies are Moonstorm Enterprises LTD, Tardigrade Limited (Tardigrade) and Finrost Ltd, a Phileleftheros report also said.

Registrar of Companies data shows that the three companies in question were used by Tesic but also by Esad Kapidzic who is considered to be one of his associates. They have been allegedly breaking an arms embargo in countries where the United States imposed sanctions.

Finrost Ltd has Esad Kapidzic as its Managing Director and June 27, 2016 as its registration date. Up until this week the Limassol-based company appeared to be active.

As for Moonstorm Enterprises Ltd, it was registered in April 2009 but it is currently listed as inactive. The offices of Moonstorm Enterprises are also located in Limassol with a registered Cypriot director and a secretary general.

Tardigrade is also a Limassol-based company which is active and with January 2018 as a registration date. A Cypriot woman is listed as its managing representative.

According to the Treasury Department’s announcement, Moonstorm Enterprises was used for the business of Tesic who also used Tardigrade Ltd to export weapons to Arab and African countries.

As for Finrost, whose director and general secretary appears to be Kapidzic, this was used for money transfers by Tesic but also as a vehicle for contracting to supply weapons to the African government despite sanctions imposed by US authorities.

By George Pyrishis


Read more:

Top Stories

Cyprus eighth from bottom in EU as far as women holding a parliamentary seat goes

Cyprus ranked eighth from the bottom in the EU with just 22% of women holding a seat in parliament in 2020, according to data...

Safeguarding public health top priority, says Cyprus President

One year after the outbreak of the coronavirus pandemic and Cyprus President Nicos Anastasiades on Sunday sent the message that top priority for his...

Police issue 214 fines in 24 hours for breach of covid measures

Police in Cyprus booked 213 citizens and a coffee-shop owner over the past 24 hours for breach of measures aiming to curb the spread...

Headmaster Lambon: The English School still a leader in education (PHOTOS)

The English School has always been an innovator with a reputation as a leader in education but the coronavirus pandemic has proved it is...

Cypriots fed up with rising corruption, insufficient measures to combat it-poll

Cypriots are fed up with rising corruption on the island and consider as insufficient measures announced by the government aiming to combat the bleak...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...