Cyprus Finance Ministry: Freeze over €1.2bn of Russian assets

Finance


About €1.2 billion ($1.3 billion) of Russian-owned assets controlled by Cypriot-registered companies have been frozen, according to sanctions against Russia after the Cypriot invasion of Ukraine, the Cyprus Finance Ministry said.

The ministry told The Associated Press that the “large majority” of these assets are held by European Union credit institutions, all on top of the €105 million frozen by Cypriot banks. rice field.

The ministry provided the information last week after European Commission justice commissioner Didier Reinders said Cyprus appeared to be late in freezing assets owned by Russia.

Lainders said Cyprus’ reported figure of around €100 million “looks a little low” compared to other EU member states freezing between €2 billion and €4 billion worth of Russian assets each. .

The Ministry of Finance said this was an error caused by the European Commission receiving incomplete information, which has since been rectified by updating the relevant database.

Meanwhile, the Cyprus government has set up a dedicated unit modeled after the UK’s Office for Financial Sanctions Enforcement (OFSI) to strengthen its oversight capacity to ensure compliance with international sanctions, the ministry said.

The Cyprus government is also keen to participate in the European Commission’s program to support the “effective and uniform implementation of sanctions”.



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