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The looming US and UK sanctions have cast a long shadow over Cyprus with the government on Friday vowing to act decisively but the impacted sectors appearing to be concussed.
A new list of those involved in violating sanctions targeting the service sector’s dealings with Russians deemed dangerous by the West is set to be released on Friday.
Government spokesman Constantinos Letymbiotis told state broadcaster CyBC that the government acted swiftly and decisively with the first round to ensure Cyprus’ reputation is upheld internationally.
“The government clearly stated that it will decisively investigate all the details, where and if it is found that there were violations of the sanctions then these cases will be brought to justice,” he emphasised.
The government spokesman added that he expects there to be developments on Friday as far as resolving ‘collateral damage’ from the sanctions is concerned.
But those in the service sector have warned that they are now unsure as to how to navigate the choppy waters between EU directives, and the US and UK sanctions.
Head of the Institute of Certified Public Accountants of Cyprus (ICPAC) Pieris Markou told CyBC that they have requested advice from the legal services in how the sector should proceed.
He warned that cases may arise where those in the sector may not be violating EU orders, but that if the US decides that any relationship whatsoever with listed individuals or entities is illegal then the sector faces huge challenges.
Another matter of concern which requires clarification is whether ICPAC has the right to rescind the practicing license of those found to be in violation of the US and UK sanctions.
He explained that the first sanctions list – published on April 12 – included one ICPAC member and they are now waiting to see if more will be added.
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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