The second list of natural and legal persons in Cyprus, who will be subject to sanctions by the US and the UK, is expected to be announced and revealed on Friday by the two states’ authorities.

Particularly, according to information from the Cyprus News Agency, the US and the UK are expected to make official announcements on Friday, regarding a new list of natural and legal entities in Cyprus, who will be placed under sanctions for violating the restrictions imposed on Russia's access to the international financial system. The persons and entities included on the list allegedly aided Russian businesses and persons via intermediaries.

It is worth noting that in April, the US and the UK imposed a first round of sanctions. At that time, the President of the Republic, Nikos Christodoulides, assured that "we are taking all necessary actions as a government, in cooperation with our country’s supervisory authorities as well as the American and British ones, in order to fully protect the name of our country”. The President also pledged to pursue legal action against those implicated in the breaches and emphasized the importance of addressing the issue seriously.

Cyprus received an 800-page dossier from the US government detailing alleged sanctions breaches by local individuals and entities that facilitated Russian oligarchs in concealing their vast wealth. The dossier was accompanied by a toolkit from Washington aimed at aiding the prosecution of law and audit firms involved in assisting the oligarchs.

The allegations have caused concern within Cyprus' financial services sector, leading many firms to distance themselves from sanctioned individuals and entities, including those connected to the Kremlin.

The President’s commitment to pursue legal action against the soon-to-be sanctioned entities does not come as a surprise to those who have been tracking the Cyprus-US relations in recent years. Recently, the Minister of Foreign Affairs, Constantinos Kombos, highlighted that Cyprus has been steadily advancing its closer regional defense cooperation with the United States. As he stated, “we are a reliable partner for the US as we promote peace, stability, prosperity and regional cooperation in the Eastern Mediterranean region.

Mr. Kombos emphasized that the relationship between Cyprus and the United States has never been stronger. "We are always seeking new opportunities for cooperation to further enhance our strategic partnership”, the Minister concluded in a recent statement.