Newly revealed leaked documents show how oligarchs feverishly tried to move money and assets based in Cyprus in the weeks after Russia invaded Ukraine in early 2022, as European Union and other sanctions loomed.
Newly revealed leaked documents show how oligarchs feverishly tried to move money and assets based in Cyprus in the weeks after Russia invaded Ukraine in early 2022, as European Union and other sanctions loomed. Luxury apartments line the Cyprus coastline around Limassol, the island's second-biggest city. The country has long been known as an offshore transit point for the fortunes of Russian billionaires, and by one count, it holds about as much Russian wealth as the rest of Europe combined.
(ICIJ) With Russian tanks and troops descending on Ukraine in early 2022, Cyprus became a hotbed of financial activity. The island country has long been known as an offshore transit point for the fortunes of Russian billionaires, and as sanctions loomed over many of them last year, Cyprus financial services firms fielded a series of urgent demands to transfer funds and shareholdings, newly revealed records show. In one case, documents show that two Russian billionaires, Alexander Abramov and Alexander Frolov, needed $100 million US transferred between two shell companies they owned
Leaked Documents Oligarchs Money Transfer Cyprus Ukraine Crisis