Britain and Cyprus to crack down on Russia’s iIllicit finances

British Prime Minister Keir Starmer and Cypriot President Nikos Christodoulides on Dec. 10 agreed to jointly tackle efforts by Russia to wash dirty money and evade sanctions imposed on it for war mongering, Reuters reports.

Britain is providing expert support to Cyprus in establishing a new unit focused on implementing sanctions to combat illegal Russian finances. Starting next year, London will also launch training programs for law enforcement agencies.

“Together with the Republic of Cyprus, we are stemming the flow of illicit finance through Europe to starve (Russian President Vladimir) Putin’s war machine and protect global stability,” Starmer said.

The new unit will facilitate the exchange of expertise and intelligence between British agencies and Cyprus’s Finance Ministry. It will also have the authority to investigate sanctions evasion and track financial flows through Europe.

“A former British colony, Cyprus has worked hard to shake off a reputation as a haven for Russian businesses and light-touch regulation, aligning with the West over Russia and the growing turmoil in the Middle East,” the Reuters dispatch says.

Cyprus has frozen nearly $1.9 billion in Russian assets since the start of Russia’s full-scale invasion of Ukraine in February 2022.