Two Cyprus-registered companies, IBEX Shipping and Azia Shipping, have been hit with sanctions by Japan for their suspected role in aiding Russia’s invasion of Ukraine.
The sanctions, announced late last week, target a total of 12 entities and individuals, including the two Cypriot firms. Both companies are reportedly registered in central Nicosia.
According to Japanese authorities, these entities are believed to have facilitated the arms trade between North Korea and Russia, ultimately bolstering Russia’s military capabilities and potentially aiding its war effort in Ukraine.
Japan’s Chief Cabinet Secretary, Hirokazu Matsuno, explained the rationale behind the sanctions: “We have worked with allies such as the United States to freeze the assets of 11 companies and one individual who was involved in Russo-North Korean military assistance to support Moscow’s invasion of Ukraine. This violates UN security decisions that categorically prohibit the transfer of arms and related materials with North Korea.”sanctions. sanctions, Cyprus-registered companies, aiding Russia’s invasion of Ukraine
