Cabinet approves bills for national unit to implement economic sanctions

08:32 - 17 April 2025

Economy

The Council of Ministers approved three bills for the establishment of a national unit for the implementation of economic sanctions, Minister of Finance, Makis Keravnos, said.

According to Keravnos, the national unit for the implementation of economic sanctions will be a new Directorate of the Ministry of Finance tasked with guiding and coordinating the implementation of economic sanctions with the competent supervisory authorities and receiving information and complaints about possible sanctions violations.

“The main objective of this Government initiative is to fully restore the name of Cyprus as a state governed by the rule of law and to strengthen the legislative framework for sanctions and the effective implementation of EU Regulations”, he said.

He added that, based on a study by experts and following significant technical and economic assistance from the competent services of the United Kingdom, a proposal was submitted for the establishment of a national unit for the implementation of economic sanctions, which was approved by the Council of Ministers on Wednesday.

This proposal concerns a set of three bills, aiming to strengthen the legislative framework for sanctions and the effective implementation of EU and European Parliament regulations and directives, he said.

Cabinet approves bills for national unit to implement economic sanctions

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