Nicosia is set to receive a new list of sanctions from both the US and UK including Cypriot names, causing disturbance to the island's business community, which has strong links to Russia's business network and light regulatory history.
On April 12, multiple Cypriots were listed by the US and UK for alleged links to entities facing sanctions over Russia's invasion of Ukraine. Meanwhile, the Cyprus Bar Association has confirmed police investigations into five law firms regarding possible provision of services to sanctioned Russian oligarchs.
The Association is currently conducting 36 audits of law firms in connection with similar allegations.