Cyprus introduces criminal penalties for cooperation with sub-sanctioned companies and individuals from Russia

Cyprus has toughened its sanctions legislation - now, interaction with Russian companies and citizens under sanctions is punishable by up to 5 years in prison and a fine of up to €40 million.

By. data Kommersant, not only Cypriot citizens and legal entities, but also holders of residence permits may fall under criminal liability. The law covers any form of cooperation with persons and entities linked to Russia and on the EU sanctions lists.

Specifically, the ban includes:

• having accounts in Russian banks that have been subject to sanctions;
• work in companies included in the sanctions lists;
• providing services to businesses with Russian capital - including consulting, auditing and transaction support.

Lawyers note that the changes make Cyprus one of the EU's toughest jurisdictions in terms of sanctions control. The new measures may affect hundreds of Russians with local citizenship or residence permits.