EU sanctions

Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

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Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

The European Union is considering a new package of sanctions against Russia, including a ban on exports of Russian liquified natural gas. Some member states, such as Cyprus, Greece, and Malta, are skeptical of these measures, believing they could lead to negative consequences in the shipping industry. On the other hand, other countries view the proposed energy sanctions as a step forward. This would be the first time the EU officially targets Russia’s natural gas products. Cyprus has been directly impacted by Russian sanctions in the past, particularly in the administrative services sector.

Cyprus nears conclusions in probe of Russian sanctions violations

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Cyprus nears conclusions in probe of Russian sanctions violations

Cypriot authorities are investigating possible breaches of EU sanctions on Russian billionaires related to the war in Ukraine. Investigators are looking into cases involving high-profile individuals like Alexei Mordashov, who reportedly transferred shares worth €1.4 billion to his wife after the sanctions were imposed. The Attorney General’s office met with investigators to review progress and issue instructions, with potential prosecutions looming. Sources indicate that evidence from foreign countries is being sought to support potential charges, with funds leaving Cyprus before the sanctions were implemented being a focus of the investigation.

Russian billionaire Fridman wins appeal but remains under EU sanctions

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Russian billionaire Fridman wins appeal but remains under EU sanctions

Russian billionaire Mikhail Fridman and his business partner Petr Aven were successful in appealing against EU sanctions related to Moscow’s war against Ukraine. The European Union Court of Justice annulled the sanctions, stating that there was insufficient evidence to justify their inclusion on the list. The men remain under separate punitive measures for now, with Fridman expressing satisfaction with the court’s decision. The EU has imposed sanctions on over 1,700 individuals and entities in connection to Russia’s invasion of Ukraine, but some sanctions have been voided or not extended by the ECJ.