Cyprus once again finds itself ensnared in the latest wave of sanctions imposed by the United States, United Kingdom, and Canada against Russia.Three shipping companies registered in Cyprus in late March 2020, along with a holder of a Cypriot passport, have been included in the package of American and British sanctions, respectively. Additionally, restrictions on the number of entities registered on the island have been imposed by Canada.The upcoming hours are expected to provide a comprehensive picture of all physical and legal entities connected to Cyprus and included in Western lists. Information is pending from Canada and the European Union regarding new additions to existing lists.As of late yesterday evening, the situation was as follows:OFAC SanctionsThe Office of Foreign Assets Control (OFAC), an agency of the US Department of the Treasury, announced yesterday the corporate entities subjected to restrictions. These include the following companies:
- AZORIA SHIPPING COMPANY LIMITED (registered in Cyprus on 17/03/2020)
- GLORINA SHIPPING COMPANY LIMITED (registered in Cyprus on 17/03/2020)
- ELIXON SHIPPING COMPANY LIMITED (registered in Cyprus on 24/03/2020)
All three companies share the same administrative structure. Vladimir Oskirko serves as their president, with CYPROSERVUS CO. LIMITED, a Cypriot company providing administrative services, listed as secretary.The New York Times, reporting on the new restrictions imposed by the US, referred to “the most extensive package of sanctions launched by the US against Russia since the invasion of Ukraine, focusing on Russia’s financial and military-industrial sectors in a broad effort to weaken the Kremlin’s war machine.”With these new measures, the US targets 500 individuals and corporate entities supporting Ukraine’s war machine.OFSI SanctionsThe UK’s Office of Financial Sanctions Implementation (OFSI) included GURYEVA-MOTLOKHOVA and Yulia Andreevna, originally from Russia and holding a Cypriot passport, in its extensive list. Economic restrictions and asset freezes were imposed on her. According to the rationale, she is “associated with an individual involved in obtaining benefits from the Russian government, specifically Andrey Grigoryevich Guryev.”Canadian SanctionsCanada, in a coordinated effort with the US and UK, imposed restrictions on high-ranking officials of private and state-owned companies registered in Russia and Cyprus.According to statements made yesterday by Canadian Foreign Minister Melanie Joly, the new Canadian sanctions target individuals and entities believed to provide financial and accounting support to Russian entities and have actively facilitated the circumvention of sanctions and supported Russia’s military operations in Ukraine. By extending the scope of these sanctions to include companies registered in Cyprus, Canada aims to further intensify pressure on those enabling Russian actions in the region.European UnionYesterday, EU member states approved the 13th package of sanctions against Putin’s regime and those responsible for and supporting the “illegal, unprovoked, and unjustifiable” war. The new sanctions package imposes restrictive measures on individuals and companies involved in the transfer of weapons from North Korea to Russia, individuals responsible for the illegal deportation of children from Ukraine, and companies from third countries (including a Turkish company) believed to contribute to sanctions evasion.EU member states have decided to impose restrictive measures on an additional 106 individuals and 88 entities responsible for actions undermining or threatening the territorial integrity, sovereignty, and independence of Ukraine. The new listings primarily target the military and defence sector and individuals associated with it, including those involved in the supply of weapons from North Korea to Russia, as well as members of the judiciary, local politicians, and individuals responsible for the illegal deportation and military retraining of children from Ukraine.Read more: