The UK and US have sanctioned Cypriots who worked as “fixers” for Russian oligarchs.

Key Highlights :

1. The US and the UK announced a fresh package of sanctions against several “financial fixers” – including Cypriots – who have assisted Russian oligarchs, including Alisher Usmanov, the metals executive, in their attempts to hide their assets.

2. The latest sanctions come as Western allies are broadening the net of individuals and companies around the world — including outside of Russia — who are helping Moscow evade sanctions, prop up its economy and fund its war in Ukraine.

3. The US crackdown targeted Cypriot, Uzbek and Russian nationals connected to entities stretching from Liechtenstein and Switzerland to the United Arab Emirates.

4. Sanctions were also imposed on six Russian citizens who have obtained a Cypriot passport, namely: Gulbakhor Ismailova, Vakhtang Kocharov, Gulnoz Kocharova, Varvara Skoch, Natalia Streshinskaya, Vladimir Streshinskiy.

5. The UK actions came a few hours after the US blacklisted “those who have knowingly assisted sanctioned Russia oligarchs to hide their assets in complex financial networks”, including two Cypriot nationals who are thought to have assisted Usmanov and Roman Abramovich.

6. The UK government stated that it was targeting further family members of individuals that it had previously imposed sanctions on — part of an effort to prevent the circumvention of the escalating restrictions imposed since Vladimir Putin’s full-scale invasion of Ukraine in February 2022.

7. James Cleverly, UK foreign secretary, said: “We are closing the net on the Russian elite and those who try to help them hide their money for war. There’s no place to hide. We will keep cutting them off from assets they thought were successfully hidden.”

8. Christodoulos Vassiliades, a Cypriot lawyer, was the target of sanctions for his role providing services to Usmanov. Vassiliades’s formal designation by the UK government also cites his directorship of Sberbank Investments Limited, a Cypriot subsidiary of Sberbank, which is owned by the Russian state and is subject to US, UK and EU sanctions. Vassiliades’s London office hung up the phone on the Financial Times when approached for comment. Demetris Ioannides was the subject of sanctions along with the Cypriot firm of which he now serves as managing director, MeritServus HC Limited, for his work in assisting Abramovich, the former owner of Chelsea FC.

9. Ioannides’s website credits him with establishing the Cyprus presence of Deloitte, and describes him as chair emeritus of Deloitte Cyprus. Both Ioannides and Vassiliades declined to comment when approached by the Guardian,

On Wednesday, the United States and the United Kingdom announced a fresh package of sanctions against several "financial fixers" who have assisted Russian oligarchs in hiding their assets. The move is part of a broader effort to pressure Russia over its role in the Ukraine crisis and its interference in the 2016 US presidential election.

One of the main targets of the sanctions is Alisher Usmanov, a Russian metals executive with a net worth of $14.8 billion. Usmanov has been accused of using his wealth to buy political influence and has been a prominent supporter of Russian President Vladimir Putin.

The sanctions target individuals and companies that have assisted Usmanov in hiding his assets, including two Cypriot companies, two Russian banks, and a law firm. This marks the latest effort by Western allies to broaden the net of individuals and companies around Russian oligarchs and put pressure on Putin's inner circle.

The US and UK have previously imposed sanctions on Russia over its annexation of Crimea and its alleged involvement in the conflict in eastern Ukraine. The latest move comes amid growing tensions between Russia and the West, with the two sides accusing each other of military buildups and cyber attacks.

The sanctions against Usmanov and his associates are part of a broader campaign by the West to isolate Russia and pressure Putin to change his policies. The US and its allies have already expelled Russian diplomats and imposed sanctions on individuals and companies with close ties to the Kremlin.

The latest round of sanctions will undoubtedly have an impact on Usmanov and his associates, as well as on the wider Russian economy. However, the question remains whether they will be enough to change Putin's behavior and force him to change course in Ukraine and elsewhere.

It is clear that the US and UK are committed to using economic pressure to force Russia to change its policies. However, it remains to be seen whether this strategy will be successful in the long run or whether it will simply lead to a further escalation of tensions between Russia and the West.

In conclusion, the latest round of sanctions against Usmanov and his associates marks another step in the West's efforts to pressure Russia over its role in the Ukraine crisis and its interference in the 2016 US presidential election. While the sanctions will undoubtedly have an impact on the targeted individuals and companies, it remains to be seen whether they will be enough to change Putin's behavior and force him to change course. The situation between Russia and the West remains tense, and it is likely that we will see further developments in the coming months and years.

Continue Reading at Source : in_cyprus