Two weeks have passed since the sudden sanctions received by the island of Cyprus from Britain and America. The reason that the country until recently functioned as a paradise on earth for Russian oligarchs even after Russia invaded Ukraine and despite the concerted decision of Western powers to obstruct the Russian regime in any way possible.

Cyprus, according to British reports, nevertheless continued to serve Russian Oligarchs, such as Roman Abramovich, to “hide” their assets through offshore companies.

For this, Cypriot lawyers and accountants were at the center of British-American sanctions.

Tens of thousands of Russian accounts in Cyprus are permanently closed

Now Cyprus is a country in complete turmoil. At least this is how the British media describes the situation that is now prevailing in Nicosia. In fact, the Guardian today hosts an extensive article entitled: “Our credibility must be preserved”. These are the words of Cypriot president Nikos Christodoulidis, who is trying to avoid further sanctions.

In this effort, a few days ago the Bank of Cyprus, the country’s largest, confirmed that it will close over 10,000 accounts belonging to 4,000 of its Russian customers. At the same time, the Central Bank of Cyprus, through the mouth of its governor Konstantinos Herodotou, closed 123,000 suspicious accounts and 43,000 “ghost” companies.

It should be pointed out that such moves go a step beyond the existing sanctions in force in the European Union and are judged as “precautionary” by the highest Cypriot echelons, for fear of further British and American sanctions.

The decision of Great Britain that broke the ties between Cyprus and Russia

Great Britain’s Foreign Office had acted against Cyprus following reports by the Guardian, which exposed the relationship between Russian oligarchs and Cypriot financial services. The investigation called “Oligarch files” was based on the leak of a package of confidential documents from the Cyprus-based company “MeritServus”, which undertakes the establishment of offshore companies.

Foreign Secretary James Cleverley said that “Britain is tightening the noose around the Russian elite but also around those who are trying to help it flee its money. There is no place for them to hide,” he had characteristically said.