News and developments
QUESTIONNAIR
Law No. 58(I) of 2016 on the Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and the Decisions and Regulations of the Council of the European Union (Restrictive Measures) governs the implementation of sanctions in Cyprus. It also imposes penalties for breach of the applicable sanctions and restrictive measures.
Cyprus, as a member of the United Nations and an EU member state, has a duty to implement:
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- sanctions adopted by relevant Security Council Resolutions; and
- restrictive measures adopted by the Council of the European Union through the issuance of relevant decisions (under article 29 of the Treaty on European Union) and regulations (under article 215 of the Treaty on the Functioning of the European Union) within the framework of the Common Foreign and Security Policy (CFSP), which supersede national law and require direct and immediate application to the integral legal order of EU member states.
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- Council Regulation (EU) 2018/1542 of 15 October 2018, as amended, on restrictive measures against the proliferation and use of chemical weapons;
- Council Regulation (EU) 2019/796 of 17 May 2019, as amended, on restrictive measures against cyberattacks;
- Council Regulation (EU) 2020/1998 of 7 December 2020, as amended, on restrictive measures against serious human rights violations and abuses;
- Council Regulation (EC) No. 881/2002 of 27 May 2002, as amended, on restrictive measures with respect to Daesh and al-Qaeda;
- Council Regulation (EU) 2016/1686 of 20 September 2016, as amended, on additional restrictive measures directed against Daesh and al-Qaeda as well as natural and legal persons, entities or bodies associated with them; and
- Council Regulation (EC) No. 2580/2001 of 27 December 2001, as amended, on restrictive measures directed against certain persons and entities with a view to combating terrorism.
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- Council Regulation (EC) No. 881/2002 of 27 May 2002 imposing certain specific restrictive measures directed against certain persons and entities associated with Daesh and al-Qaeda;
- Council Regulation (EU) 2016/1686 of 20 September 2016 imposing additional restrictive measures directed against Daesh and al-Qaeda, and natural and legal persons, entities or bodies associated with them (this regulation introduces a prohibition against exporting arms or related materials to listed individuals, groups, undertakings or entities, and related technical or financial assistance and services are also prohibited); and
- Council Decision (CFSP) 2016/1693 of 20 September 2016 concerning restrictive measures against Daesh and al-Qaeda, and persons, groups, undertakings and entities associated with them, repealing Common Position 2002/402/CFSP.
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- within the territory of the European Union;
- to EU nationals in any location;
- to EU residents; and
- to companies and organisations incorporated under the law of an EU member state, including branches of EU companies in third countries, on board aircraft or vessels under member states’ jurisdiction and persons doing business within the European Union.
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- Announcements published by the Minister of Finance as chair of the SEOK;
- CySEC:
- ICPAC;
- the Cyprus Bar Association’s news on sanctions; and
- the Central Bank of Cyprus.
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- cash, cheques, claims on money, drafts, money orders and other payment instruments;
- deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;
- publicly and privately traded securities and debt instruments, including stocks and shares, certificates presenting securities, bonds, notes, warrants, debentures and derivatives contracts;
- interest, dividends or other income on, or value accruing from or generated by, assets;
- credit, right of set-off, guarantees, performance bonds or other financial commitments;
- letters of credit, bills of lading and bills of sale;
- documents evidencing an interest in funds or financial resources; and
- any other instrument of export financing.
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- the export of dual-use goods as well as goods that can contribute to Russia’s defence and security capabilities;
- public financing or financial assistance for trade with or investment in Russia;
- the export of goods and technology for use in oil refining;
- the aviation sector;
- a range of financial interactions and transactions with Russia;
- all transactions with the Central Bank of Russia; and
- the overflight of EU airspace and access to EU airports by Russian carriers.
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- providing trustee services to Russian nationals, natural persons residing in Russia or legal persons established in Russia;
- selling transferable securities issued after 12 April 2022 to Russian nationals, individuals residing in Russia or Russian entities; and
- providing, directly or indirectly, accounting, auditing, bookkeeping, tax consulting, business and management consulting, public relations, and legal advisory services to the Russian government or to entities established in Russia.
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- exporter and consignee details;
- the country of final destination;
- a description, the quantity and the value of the goods; and
- an undertaking that the goods will not be used for purposes other than the declared use, or for the development or production of biological or nuclear weapons.
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- for a natural person, a term of imprisonment not exceeding two years or a fine not exceeding €100,000, or both; and
- for a legal entity, a fine not exceeding €300,000.