New scandal from report on Cyprus
Another episode is unfolding that stains Cyprus’ name on a global scale. This time, it’s not about the “golden passports,” but sanctions imposed on Russian oligarchs since Russia invaded Ukraine.
The data in the long-awaited “Cyprus Confidential” investigation by the International Consortium of Investigative Journalists (ICIJ), Paper Trail Media, and 67 partner media outlets is largely familiar, but its significance should not be underestimated.
The consortium’s journalists found that professional services giant PwC Cyprus collaborated with at least 12 of the 25 Russians already subject to sanctions by Western governments or Ukraine.
As Russia invaded Ukraine in 2022, PwC Cyprus allegedly assisted Russian oligarchs in managing their wealth and circumventing Western-imposed sanctions.
Notably, PwC Cyprus helped transfer a $1.4 billion investment for Alexey Mordashov, one of Russia’s richest industrialists, to evade sanctions. Another $100 million was allegedly transferred for two Russian oligarchs involved in supporting Putin’s war in Ukraine. Questions arise about the timing of sanctions and whether PwC Cyprus may have violated EU sanctions.
