More Cypriots added to US sanctions list

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued an updated sanctions list and it once again includes Cypriot individuals and entities.

Among the new additions is Cypriot national and UAE resident George Georgiou, who is accused of being “a money launderer who has facilitated money laundering globally for criminal organizations, corrupt businessmen, and Russian oligarchs”. Georgiou was added to the list “for operating or having operated in the financial services sector of the Russian Federation economy”.

According to the US Treasury: “Georgiou has used various money laundering schemes to move hundreds of millions of dollars for Russian oligarchs and obfuscated the beneficial ownership of the funds. These schemes included loans for the purchase of land, a loan-back transaction with “loan forgiveness,” and the use of convertible promissory notes. Georgiou also provided services to U.S.-designated John Desmond Hanafin, the founder and CEO of U.S.-designated Huriya Private FZE LLE, a private equity and corporate structuring entity heavily involving in moving Russian finance into the UAE and money laundering.”

The other Cyprus linked entities / individuals are:

• Petrov Artur Aleksandrovich, Russian national with a residential address in Cyprus, specifically in Larnaca.
• Solozhentseva Natalia Vladimirovna, holds a Cypriot passport.
• Tamani-Phella, Aegli, Cypriot national and with a residence address in Limassol.
• Astrafteros Technokosmos LTD, company registered in Cyprus with address in Larnaca.
• Russian Titanium Resources LTD, company registered in Cyprus and with an address in Nicosia.

OFAC’s list includes 130 natural and legal entities from around the world.

“Today’s sanctions focus on individuals and entities abetting Russia’s unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries,” it said in a 2 November press release.

It mentioned, among other, that Russia was dependent “on willing third-country individuals and entities to resupply its military”, and that it was issuing nearly 100 sanctions targeting Russia’s future energy production and revenue, metals and mining sector, defence procurement, and those involved in supporting the Russian government’s war effort.

The US Treasury Office said of its latest action: “The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 13G, "Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024"; Russia-related General License 74, "Authorizing the Wind Down and Rejection of Transactions Involving East-West United Bank"; Russia-related General License 75, "Authorizing Certain Transactions Related to Debt or Equity of, or Derivative Contracts Involving, Certain Entities Blocked on November 2, 2023"; and Russia-related General License 76, "Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on November 2, 2023."

“Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons List.” (Read the full list here)

Read the full press release by The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) here