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25 October, 2020
 
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EU sanctions and shell companies shutdown raise concerns, Russian Ambassador says

“Some major Russian companies already left from Cyprus jurisdiction or think of doing it”

Source: CNA

Russian Ambassador to Cyprus Stanislav Osadchiy mentioned the shutdown of shell-companies, as well as EU sanctions among the developments raising concerns in Russian business circles, both in Cyprus and in Russian.
 
Addressing on Friday the Russia-Cyprus Business and Investment Forum, in Limassol, Osadchiy said that “the introduction of Europe`s anti-Russian package of sanctions in 2018 and the following campaign of Cyprus’ Central Bank on revealing and closing so-called shell companies led to the closure of tens of thousands of Russian clients’ accounts in Cyprus banks.”
 
“Some major Russian companies already left from Cyprus’ jurisdiction or think of doing it” he went on, noting that these developments are not to the benefit of the Cypriot or the Russian economy.
 
He expressed hope, these “handicaps in our relations” are temporary and that the two sides will be able to overcome them soon.

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