Cyprus-based company in new US sanctions list

08:02 - 01 November 2024

Companies Reporter

A Cyprus based company has been included in the new list of US sanctions imposed against individuals and entities aiding Russia's war efforts.

"The US has imposed new sanctions targeting individuals & entities aiding Russia's war efforts, including one Cyprus-based company, as part of a global effort to disrupt Russia's access to critical resources," the US Embassy in Nicosia wrote in its account on 'X'.

A press release by US Department of the Treasury, dated 30 October, 2024, says that the Department has sanctioned 275 individuals and entities involved in supplying Russia with advanced technology and equipment that it desperately needs to support its war machine.

"Today’s action targets both individual actors and sprawling sanctions evasion networks across 17 jurisdictions, including India, the People’s Republic of China (PRC), Switzerland, Thailand, and Türkiye. In addition to disrupting global evasion networks, this action also targets domestic Russian importers and producers of key inputs and other materiel for Russia’s military-industrial base" it says.

Among many entities, Cyprus-based Mostrello Commercial Ltd (Mostrello), British Virgins Island-based Nikesto Investments Ltd (Nikesto), and Belize-based Berezia Management Ltd (Berezia) own Russian-flagged vessels that have been used by Russia-based CJSC Perspective Technologies Agency (UPT) to conduct maritime missions, it says.

"UPT, Strelchenko, Transport Freight, Mostrello, Nikesto, and Berezia are being designated pursuant to E.O. 14024 for operating or having operated in the marine sector of the Russian Federation economy" the press release notes.

(Source: CNA)

Cyprus-based company in new US sanctions list

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