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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.
A pedestrian passes a Russian supermarket, branded in the colors of the Russian Federation, in Limassol.

Photographer: Andrew Caballero-Reynolds/Bloomberg

Updated on

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.