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Cypriot authorities are nearing conclusions in their investigation of possible breaches of European Union sanctions imposed on Russian billionaires in connection with the war in Ukraine.
A meeting held at the Law Office on Tuesday focused on progress in cases reported by various entities, with investigators from the Economic Crime Investigation Unit presenting findings on roughly 10 of the 30 cases under examination.
One high-profile case involves Russian steel magnate Alexei Mordashov, who reportedly transferred shares worth €1.4 billion to his wife following the imposition of sanctions.
Investigators are determining whether the transfer occurred before or after the sanctions took effect.
The Law Office, including the Attorney General, Deputy Attorney General, and legal advisors, met with investigators to assess progress and issue further instructions.
Sources indicate potential prosecutions are on the horizon.
Case files for concluded investigations have been submitted for review, while two others were previously sent to the Prosecutor’s Office.
Investigations began in early 2023 following reports from the Anti-Money Laundering Unit (MOKAS), accountants’ and bar associations, the Central Bank, and the Ministry of Finance.
Four Russian oligarchs named in the “Cyprus Confidential” report by international journalists are among those under investigation.
Authorities have bolstered the Economic Crime Investigation Unit and are seeking evidence from foreign countries to solidify potential charges.
Sources noted instances of funds leaving Cyprus shortly before sanctions were imposed.
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