Cyprus vowes to investigate the matter of Russia sanctions busting allegations. This decision to investigate by Cyprus comes after the claim of a group of International journalists.

Their claim is that Cyprus was a hub for Russian money-laundering allowing oligarchs to avoid sanctions. Afterward, Cyprus vows to investigate alleged violations of sanctions against Russia.

Alleged violations of Russia

An investigation was conducted by the International Consortium of Investigative Journalists (ICIJ) and 70 media partners. According to the investigation, the east Mediterranean island (Cyprus) plays a larger role than previously thought in the movement of criminal funds for Russian President Vladimir Putin and other terrible governments.

The investigation has a title named Cyprus Confidential. It states the collected documents provide a detailed view of the criminal financial system. That has helped empower some of the West’s most strong opponents.

According to the ICIJ, the leaked internal papers range from the mid-1990s to April 2022. It includes secret background checks, organizational charts, financial statements, bank account applications, and email conversations.

Cyprus President’s stance on ICIJ report

Following the publication of the ICIJ report, President Nikos Christodoulides assured reporters on Tuesday that everything has come to light. And it will be investigated as no one is above our country’s reputation.

President Nikos added that Cyprus will investigate all newly discovered information within a specific timeframe. You understand how important our country’s reputation and credibility are.

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It is not the first time that European Union member Cyprus has been called a “safe haven for Russian oligarchs” illegal gains.

A sizable Russian community lives on the east Mediterranean island. Limassol, on the island’s southern coast, is famous as “Moscow on the Med” and has long-drawn Russian speakers.

Since Russia invaded Ukraine in February 2022, the Cypriot government claims it has adopted strict anti-money laundering and anti-sanctions measures.

However, the ICIJ stated that the island’s dependence on Russia. And other foreign funds have consequences that were just recently apparent.

The investigation lasted eight months and looked at Russia’s “long-standing dominance” over Cyprus’s deeply connected political and financial sectors.