Cyprus central bank defends supervision after sanctions-busting claims

Prime minister pledges report after media investigation says Russians used local firms to dodge sanctions

Digital money

The Central Bank of Cyprus defended its supervisory regime after a media report said local firms helped Russian oligarchs hide their assets from international sanctions. 

On November 14, a team led by the International Consortium of Investigative Journalists made detailed allegations of sanctions evasion, based on leaked documents. The ICIJ said Russians subject to international sanctions had used 650 companies and trusts registered in Cyprus to avoid sanctions since 2014. 

The CBC said on

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