Newsroom
Establishing a system to oversee financial companies in Cyprus is proving tricky, according to an article written by Apostolos Tomaras. It all started when the US and UK slapped sanctions on Russia, and some Cypriot firms got caught in the crossfire. Now, talks to set up a supervisory authority are stuck, with folks not agreeing on how it should work.
The government is under pressure to fix things because some Cyprus companies got hit with those sanctions. But others who might be under this new authority aren't too keen on the idea. These disagreements are causing a bit of a stir, especially with the Americans, who have praised Cyprus for its efforts against money laundering, despite the hiccups.
Lawyers are a big part of the hold-up. They're not happy about giving control to some outside authority. Progress on making the rules stronger has been slow, and a recent meeting didn't help. The government shared a plan that lawyers say is a total U-turn from what they'd agreed on before.
The government wants one big authority to keep an eye on all financial companies. But lawyers say that's not what they'd discussed earlier. They're worried it might not even be legal. The government is trying to play it cool, hoping to sort things out and show it's serious about fixing past problems.
But the situation is still dicey. Over 140 Cyprus companies or people have already been hit with sanctions for breaking the rules. And the latest addition to the list is a Russian-linked company named TOKENTRUST HOLDINGS LIMITED, showing the issue isn't going away anytime soon.
The list of the 140 sanctioned:
1. AHETEI LIMITED RUSSIA
2. ALAYNE INVESTMENTS LIMITED RUSSIA
3. ALFA CAPITAL MARKETS LTD RUSSIA
4. ALMENOR HOLDINGS LIMITED RUSSIA
5. ALWEFAQ LTD LIBYA
6. AQUILA CAPITAL GROUP RUSSIA
7. ARASH SHIPPING ENTERPRISES LIMITED IRAN
8. ARIMERO HOLDING LIMITED RUSSIA
9. ARTA SHIPPING ENTERPRISES LIMITED IRAN
10. ASTRAFTEROS TECHNOKOSMOS LTD RUSSIA
11. ATTIKOURIS, Kyriakos RUSSIA
12. AZIA SHIPPING HOLDINGS LIMITED RUSSIA
13. AZORIA SHIPPING COMPANY LIMITED RUSSIA
14. BASHKIROV, Aleksei Vladimirovich RUSSIA
15. BOM ASSET MANAGEMENT LTD UKRAINE
16. BOM PROJECT FINANCING LTD UKRAINE
17. BONUM CAPITAL CYPRUS LTD RUSSIA
18. BUOYANT HOLDINGS LIMITED GLOMAG
19. CALIBER WEALTH MANAGEMENT LTD RUSSIA
20. CAROIL TRANSPORT MARINE LTD VENEZUELA
21. CASPIAN MARITIME LIMITED IRAN
22. CHARSO LIMITED GLOMAG
23. CHRISTODOULOS G. VASSILIADES & CO. LLC RUSSIA
24. CROSSPLANET LTD UKRAINE
25. D.C.H. DREAM CREATORS HOLDINGS LTD GLOMAG
26. DANA HOLDINGS LIMITED BELARUS
27. DANESH SHIPPING COMPANY LIMITED IRAN
28. DAVAR SHIPPING CO LTD IRAN
29. E.K.-ULTRA FINANCIAL GROUP LIMITED SYRIA
30. ELIXON SHIPPING COMPANY LIMITED RUSSIA
31. ERINER LIMITED RUSSIA
32. EZEGOO INVESTMENTS LTD SYRIA
33. FINROST LIMITED GLOMAG
34. FORTIANA HOLDINGS LIMITED RUSSIA
35. FRUMINETI INVESTMENTS LTD SYRIA
36. GBD LIMITED RUSSIA
37. GEORGIOU, Marilena RUSSIA
38. GIANNAKOU, Kostas RUSSIA
39. GLORINA SHIPPING COMPANY LIMITED RUSSIA
40. GMI GLOBAL MANUFACTURING & INTEGRATION LTD RUSSIA
41. GPB FINANCIAL SERVICES LIMITED UKRAINE
42. GPB-DI HOLDINGS LIMITED UKRAINE
43. GRAWIT LIMITED GLOMAG
44. HADI SHIPPING COMPANY LIMITED IRAN
45. HADLERCO LIMITED RUSSIA
46. HALEEL FINANCE LTD SDGT
47. HALEEL HOLDINGS LTD SDGT
48. HALEEL LTD SDGT
49. HAMOU, Sara Aleksandra Fayssal CYBER2
50. HARAZ SHIPPING COMPANY LIMITED IRAN
51. HATEF SHIPPING COMPANY LIMITED IRAN
52. HEADEY INVESTMENTS LIMITED RUSSIA
53. HIGHTRAIL LTD RUSSIA
54. HIRMAND SHIPPING COMPANY LIMITED IRAN
55. HODA SHIPPING COMPANY LIMITED IRAN
56. HOMA SHIPPING COMPANY LIMITED IRAN
57. HONAR SHIPPING COMPANY LIMITED IRAN
58. HUDSOTRADE LIMITED SYRIA
59. HURIYA PRIVATE CYPRUS LTD RUSSIA
60. HURIYA PRIVATE FZE LLE RUSSIA
61. IBEX SHIPPING INC RUSSIA
62. IONICS NOMINEES LIMITED RUSSIA
63. IPP OIL PRODUCTS (CYPRUS) LIMITED UKRAINE
64. IRONHILL HOLDINGS LIMITED RUSSIA
65. IRONSTONE MARINE INVESTMENTS RUSSIA
66. ITC CONSULTANTS CYPRUS LIMITED RUSSIA
67. KAMPERI, Kyriaki Demetriou RUSSIA
68. KLARET AVIATION LIMITED RUSSIA
69. KLIOSA LIMITED RUSSIA
70. KOCHAROVA, Gulnoz Zunnurovna RUSSIA
71. KURBANOV, Nurmurad BELARUS
72. LAR VORTO SERVICES LIMITED RUSSIA
73. LEDRA NOMINEES LIMITED RUSSIA
74. LEDRA TRUSTEE SERVICES LIMITED RUSSIA
75. LEDRA TRUSTEES LIMITED RUSSIA
76. MASTERSKILL INVESTMENTS LIMITED RUSSIA
77. MATEAS LIMITED RUSSIA
78. MEHRAN SHIPPING COMPANY LIMITED IRAN
79. MERSAD SHIPPING COMPANY LIMITED IRAN
80. MIKAM HOLDINGS LIMITED RUSSIA
81. MINAB SHIPPING COMPANY LIMITED IRAN
82. MIRAMONTE INVESTMENTS LIMITED RUSSIA
83. MOONSTORM ENTERPRISES LIMITED GLOMAG
84. MUSBAH, Nourddin Milood M LIBYA
85. NAGELFAR TRADE AND INVEST LIMITED UKRAINE
86. NAI LOGISTICS LIMITED GLOMAG
87. OCEAN EUROPE CY LIMITED GLOMAG
88. OGC-VICTORIA HOLDING LTD IFSR; SDGT
89. OMNIA SERVICES CYPRUS LTD RUSSIA
90. O'NEILL ASSETS CORPORATION RUSSIA
91. OTKRITIE CAPITAL CYPRUS LIMITED RUSSIA
92. OTKRITIE LTD GROUP RUSSIA
93. PALNYCHENKO, Igor RUSSIA
94. PERSIAN GULF SHIPPING LINES LTD IRAN
95. PETROV, Artur Aleksandrovich RUSSIA
96. PIRUSETI ENTERPRISES LTD SYRIA
97. PITARON LIMITED RUSSIA
98. PLAHOTNIUC, Vladimir GLOMAG
99. PRIMAX BUSINESS CONSULTANTS LIMITED SYRIA
100. PROTON PETROCHEMICALS SHIPPING LIMITED IRAN
101. PYRAMAXIA LIMITED GLOMAG
102. RETTICH, Inga RUSSIA
103. RG HOLDINGS LTD GLOMAG
104. RISEONIC HOLDINGS LTD GLOMAG
105. ROBARIN LTD RUSSIA
106. ROSNEFT TRADE LIMITED UKRAINE
107. RUSSIAN TITANIUM RESOURCES LIMITED RUSSIA
108. SALTCLIFF TRADING LIMITED RUSSIA
109. SAMAN SHIPPING COMPANY LIMITED IRAN
110. SAVOLER DEVELOPMENT LIMITED RUSSIA
111. SCF MANAGEMENT SERVICES CYPRUS LTD RUSSIA
112. SERGHIDES, Demetrios RUSSIA
113. SOMMEN SECRETARIAL SERVICES LIMITED RUSSIA
114. SOUTHPORT MANAGEMENT SERVICES LIMITED UKRAINE
115. SOVCOMBANK SECURITIES LIMITED RUSSIA
116. STANMIX HOLDING LIMITED RUSSIA
117. STELLA LEONE LIMITED BELARUS
118. STROYTRANSGAZ HOLDING UKRAINE
119. TAMANI-PHELLA, Aegli RUSSIA
120. TARDIGRADE LIMITED GLOMAG
121. TC SHIPPING COMPANY LIMITED IRAN
122. TERRA-AZ LIMITED RUSSIA
123. THE MOTHER ARK LTD RUSSIA
124. TOKENTRUST HOLDINGS LIMITED RUSSIA
125. TRANSADRIA LTD PEESA
126. VAKANAS, Antonis Kyriakou RUSSIA
127. VASSILIADES, Anna Maria RUSSIA
128. VASSILIADES, Christodoulos Georgiou RUSSIA
129. VELES INTERNATIONAL LIMITED RUSSIA
130. VFC SOLUTIONS LTD RUSSIA
131. VOLFOVICH, Alexander RUSSIA
132. VOLFOVICH, Ariel RUSSIA
133. VOLFOVICH, Stanislav RUSSIA
134. WADI, Musbah Mohamad M LIBYA
135. WALDAU INVESTMENTS LIMITED RUSSIA
136. WHITE SEAL HOLDINGS LIMITED UKRAINE
137. WHITELEAVE HOLDINGS LIMITED RUSSIA
138. WINDFEL PROPERTIES LIMITED RUSSIA
139. ZEM HOLDINGS LTD GLOMAG
140. ZIMENKOV, Igor Vladimirovich
[This article was translated and summarized for clarity and brevity]
