Economics

Cyprus No Longer Mediterranean Haven for Russian Businesses

Cyprus Central Bank stops lenders dealing with shell companies
New banking business from Russia capped by sanctions, rules

A pedestrian passes a Russian supermarket, branded in the colors of the Russian Federation, in Limassol.
Photographer: Andrew Caballero-Reynolds/Bloomberg

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By Paul Tugwell and Georgios Georgiou

January 10, 2019 at 3:00 AM UTC

Updated on

January 10, 2019 at 11:18 AM UTC

This article is for subscribers only.

For Russian businesses, Cyprus just isn’t what it used to be.

New Cypriot anti-money laundering rules are compounding the effects of U.S. sanctions against Russia and its high-profile citizens, driving money away from the one-time haven.