For Cypriots, it was a collective “here we go again” moment. In April, the U.S. and the U.K. included a handful of Cypriot nationals and Cyprus-registered companies on a list of “enablers” helping Russian oligarchs skirt sanctions. It was an unwelcome reminder of the lingering perception that the island nation somehow remains Moscow’s financial lackey.
NICOSIA, Cyprus — For Cypriots, it was a collective “here we go again” moment.
That program was scrapped three years ago amid allegations that it abetted money laundering. An independent commission concluded in a 2021 report that Cypriot authorities unlawfully issued passports to relatives of wealthy investors. Over its 13-year run, the program granted 7,327 citizenships - more than half to investors’ family members.
“When there’s a rotten apple … it must be removed. And I repeat, we’re not here to offer cover to anyone. I want to be perfectly clear,” President Nikos Christodoulides recently told reporters in response to criticism that he’s bending to the will of London and Washington. Keravnos said the government sees this as “an opportunity to clear Cyprus’ name once and for all.” Cypriot authorities have requested, and received, detailed information from Washington and London about Cypriot individuals and legal entities on the list to determine whether they also evaded EU sanctions. That probe is still ongoing, with Attorney-General George Savvides saying little to nothing because “our country’s credibility is at stake.
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