Second tranche of US sanctions data received

The second tranche of US data connected to the sanctions it imposed on a number of Cypriot entities was received by authorities on Friday.

Similarly with the first batch, it details the much-requested information about how accused individuals and companies were deemed to be financial fixers and helped Russian oligarchs evade sanctions.

Head of the president’s press team Victoras Papadopoulos told CNA there was less material than last time and it was more technical.

A third tranche is also expected in the near future, while a second wave of sanctions appears to be a likely scenario, stakeholders have warned.

Employees working at two sanctioned firms have decried the move by banks to follow US sanction orders and freeze all bank accounts affiliated with sanctioned entities. As a consequence however, this has left employees without pay.

The governor of Cyprus’ central bank said acting otherwise would have been catastrophic to Cyprus’ economy. For matters of employers getting paid, companies should make a request to US authorities, the governor told MPs.

Last month, both the US and UK sanctioned 23 Cypriots – 10 of which are Cyprus born – and 20 companies based in Cyprus. They are accused of knowingly assisting Russian oligarchs Roman Abramovich and Alisher Usmanov hide their assets in complex financial networks.