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Financial Fraud in Cyprus: Island’s Ties to Russian Oligarchs Exposed

A massive investigation has revealed Cyprus’ alleged role in money laundering and moving wealth for Russian oligarchs and other anti-democratic forces.

The Investigation

The International Consortium of Investigative Journalists (ICIJ) and 67 media partners spent eight months examining over 3.6 million documents, including financial statements, emails, bank account applications, and confidential background checks. The investigation, dubbed “Cyprus Confidential,” claims that Cyprus played a bigger role than previously known in helping Russian President Vladimir Putin’s regime avoid international sanctions.

Cyprus’ Financial Sector

The report highlights the case of PwC Cyprus, which allegedly helped Russian oligarchs shuffle their riches and undermine Western sanctions. Specifically, the firm was accused of helping Alexey Mordashov transfer a $1.4 billion investment out of his name to evade EU sanctions.

• Other examples cited in the investigation include:
  • The Syrian state oil company’s attempt to circumvent US sanctions through Cyprus
  • The use of Cypriot companies by Russian oligarchs to move dirty money
  • Abacus Ltd, a Cyprus firm founded by former PwC partners, which is at the center of a legal dispute involving Russian billionaire Petr Aven

Ties to Russian Billionaires

The investigation found that 67 out of 104 Russian billionaires on the Forbes 2023 list had ties to Cypriot companies and financial services providers. The report also claims that Cyprus failed to rein in its banking system, which was bloated by allegedly illegal money.

EU Criticized for Failure to Act

EU authorities are being criticized for failing to exert authority over Cyprus as a member state, allowing the island nation to become a hub for financial fraud and money laundering. The investigation’s findings have sparked calls for greater transparency and regulation in the Cypriot financial sector.