A new list of sanctions imposed by the United States and Britain on natural and legal persons that include Cypriot names is expected to arrive in Nicosia on Friday.
The new Cypriot names on the lists of Americans and British will bring fresh turmoil to the Mediterranean island’s business community – with economic and political implications.
On April 12, Britain sanctioned two Cypriots and the U.S. about a dozen Cypriots or dual-nationals for alleged ties to people facing sanctions or entities sanctioned over Russia’s invasion of Ukraine.
It alarmed Cyprus, which has a thriving services industry in part built on hosting an extensive network of businesses with links to Russia and a past reputation of light-touch regulation.
At the same time, five law firms in Cyprus are under investigation by police in connection with the possible provision of services to sanctioned Russian oligarchs, according to the Cyprus Bar Association.
The Association is currently conducting 36 audits of law firms in connection with the same allegations, its head Christos Clerides also said on Thursday.
There is reasonable suspicion from witness material that four law firms may have violated European Union sanctions, he also said.
Specifically, transactions carried out by these law firms are not permitted under the imposed sanctions and evidence has already been sent to the Police for investigations to take place into possible criminal offences.