Deputy Assistant Secretary for the Division for Counter Threat Finance and Sanctions, Erik Woodhouse, visited Cyprus for the second time in the past eight months to examine the steps the country has taken to enforce sanctions against Russia, as a response to its invasion of Ukraine.
During a press briefing with journalists, the US official praised Cyprus’ efforts in implementing and enforcing the sanctions, stressing that they have significantly impacted Russia’s military capabilities, materials, and financing, but noted that there is always room for improvement.
Towards this end, the US government is committed to sustaining these measures as long as Russia continues its aggressive actions. “We will continue to expand and intensify the sanctions and export control measures that we have put in place for as long as it takes,” Woodhouse.
Woodhouse clarified that the sanctions specifically target Russia, as well as individuals and entities involved in its activities, and not the people or government of Cyprus. The focus is on undermining and limiting Russia’s ability to evade and circumvent the sanctions by working through global networks.
“As long as our activity continues, we will continue our actions as well,” he asserted when asked about the possibility of further sanctions.
He commended Cyprus for its continuous efforts to enhance oversight in the financial sector, reduce shell company activities, and raise standards to effectively implement and enforce the sanctions. He appreciated the clear and strong message conveyed by the government following recent actions.
Woodhouse revealed the US has shared information with the government of Cyprus and will continue to do so. He also expressed his gratitude for the productive discussions with both government and private sector representatives (i.e. bank executives, service providers) during his visit and assured that the insights and feedback gathered will inform policy-making in Washington as they continue to support Cyprus in countering Russian activity.
“We believe that the unity among our partners and allies will remain strong, and we will continue to work with the EU and the government of Cyprus in these efforts,” he stated.
Acknowledging that the sanctions have impacted Russia’s military capabilities and revenue but have not yet achieved the objective of ending the war in Ukraine, Woodhouse stressed the need for continued vigilance, as Russia may attempt to find ways to evade and circumvent the measures.
This necessitates continuous expansion and intensification of the sanctions, Woodhouse emphasised.
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Visiting US State Department official in Cyprus with additional sanctions evidence