Urgent Compliance Alert for Cyprus Businesses: UK & EU Hit Russia with New Sanctions
On 20 May 2025, both the United Kingdom and the European Union announced major new rounds of sanctions targeting Russia-linked individuals, companies, and sectors. This latest wave intensifies efforts to cut off Russian financial and military capabilities amid ongoing geopolitical tensions. Cyprus businesses, financial institutions, and compliance officers must take immediate note to avoid severe legal and regulatory risks.
Key Facts:
The UK imposed sanctions against 20 individuals and 62 entities, including companies from China and Switzerland. Separately, the U.S. had previously sanctioned 40 Russian registrars in November 2024 for facilitating blocked securities transfers.
EU adds 75 new targets, blacklists nearly 190 ships disrupting Russia’s illicit oil exports, and sanctions 30+ companies linked to dual-use tech and weapons.
Focus extends beyond Russia to foreign enablers and critical infrastructure.
What Cyprus Must Do NOW:
- Update sanctions screening lists immediately.
- Boost KYC and transaction monitoring.
- Avoid any dealings with blacklisted parties.
- Report suspicious activities per AML laws.
- Train staff on new compliance risks.
Ignoring these updates risks heavy fines, reputational damage, and legal penalties. This is non-negotiable. Act now. Ensure compliance. Safeguard your business. For expert guidance or sanctions screening support, reach out to our compliance team now: cyprus@revera.legal
