Over 1.2 billion euros’ worth of Russian assets have been frozen in Cyprus, as part of Europe’s broader effort to curb suspicious financial transactions amid ongoing sanctions on Russia over its invasion of Ukraine. However, most of these assets are not physically in Cyprus.
Only a small portion is in cash or local assets; most of the €1.2 billion is managed through funds and services outside the country.
The Cyprus Securities and Exchange Commission (CySEC) has been actively investigating these assets. Its 2024 report highlighted efforts to ensure companies under its supervision comply with anti-money laundering (AML) and anti-terrorist financing measures.
Last year, nearly 90 audits were conducted to evaluate how businesses manage the risks of illicit financial activities, including compliance with EU sanctions on Russia. CySEC also referred cases involving the transfer of Russian assets to Russian repositories for police investigation.
In addition to investigating Russian asset movements, CySEC’s AML department reviewed 510 reports from compliance officers and internal audits submitted by financial companies.