NICOSIA, March 23 (Reuters) – Cyprus, long popular with Russians seeking to shield their money from instability at home, said on Wednesday it was taking steps to conform with European Union (EU) sanctions on individuals considered close to the Russian state.
The east Mediterranean island has an established Russian community, and its previously opaque and complex corporate structures has been a magnet in the past for those concealing wealth beyond shell companies.
“There is a limited number of cases of sanctioned individuals who happen to have assets also in Cyprus, among many other EU member-states. The relevant authorities of the Republic are in the process of taking the required steps, as prescribed by the relevant Council of the European Union decisions,” a foreign ministry spokesman said.
Almost 7,000 people gained Cypriot citizenship between 2007 and 2020 under a now discredited cash-for-passport scheme which was popular with Russians, Ukrainians and people from China.
The scheme was pulled in November 2020 after reports of possible corruption and pressure from the European Union.
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