President Nikos Christodoulides vowed that Cyprus will do whatever is possible to prevent further damage to the country’s reputation, adding that no one will be protected if they are found violating the sanctions.
Christodoulides on Tuesday held a high-level meeting to “finally resolve this matter” of US and UK sanctions, warning that more persons and companies may be hit.
The government has sought to get a handle on the situation after Anglo-American sanctions targeted Cypriots and Cyprus-based companies who are accused of knowingly assisting Russian oligarchs to hide their assets.
“We must get this over and done with… we must use this opportunity, we must view this as an opportunity, to finally get this issue over with once and for all.
“The state, the government, the private sector, the public have all suffered enough from this kind of situation – so once we have all the details, we will do whatever it takes to achieve what I just outlined,” the president said.
Emphasising that the government has acted quickly and decisively, he said that: “We have nothing to fear. We will investigate any evidence that comes before us, and we have absolutely nothing to hide that is our approach.
Christodoulides called the meeting at the presidential palace to discuss the matter with the Cyprus Bar Association, the Cyprus Securities and Exchange Commission (Cysec) and the association of accountants – adding afterwards that “we all agree that we will not allow anyone to tarnish the country’s reputation”.
Also present was the justice minister, the attorney general and his deputy, along with the finance ministry’s permanent secretary.
The president emphasised that everyone is on the same page and shares the same goal, presenting a united front.
Asked by a reporter whether the government has received any further information from the US or UK, Christodoulides said that he will share the details when there is something new to report.
“I repeat, it is an opportunity. We have nothing to fear. We are not here to protect anybody, if there is anybody who violates the sanctions, and we should not worry about this issue.
“I agree that important steps have been taken. What we are aiming at is to end this kind of situation,” he added.
Asked about the response by the banking sector, Christodoulides replied that the banks are acting within their own framework, and it is crucial to safeguard the sector.
The Cyprus Mail reported last week that thousands of accounts held by Russians in Cypriot banks could close over the next few months in response to the Anglo-American sanctions.
“I am certain that everyone understands the importance of the banking sector, given what we went through as a country just a few years ago,” he said, referring to the Cyprus financial crisis.
The Cyprus Mail also reported last week that the sanctions on 23 Cypriots – 10 of which are Cyprus born – and 20 companies based in Cyprus, accuse them of knowingly assisting Russian oligarchs Roman Abramovich and Alisher Usmanov to hide their assets in complex financial networks.
The Cyprus Mail understands this may be the tip of the iceberg however, as US investigations have been underway into a number of other lawyer’s offices in Cyprus, which are expected to be sanctioned in the near future.
Contents of this article including associated images are belongs Cyprus Mail
Views & opinions expressed are those of the author and/or Cyprus Mail
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