October 17, 2022
Cyprus has long been an attractive jurisdiction for Eastern European businesses and high-net-worth individuals (HNWIs), but as a member of the European Union (EU), the bloc’s recent sanctions regime against Russia has impacted the local Cypriot market. How can clients and their Cypriot advisors adapt to the shifting geopolitical winds? Kobre & Kim’s Miranda Ching and Oleg Shaulko shared their insights during a cocktails and conversations event in Cyprus hosted by Global Source on October 11, 2022.
EU sanctions have affected Cyprus through the imposition of restrictions on banking and business advisory services to Russian persons and companies. Many Russian businesses operating internationally though Cyprus will try to adapt their business models in other jurisdictions. However, it is predicted that Cypriot courts may see an influx of recovery claims against Russia and its companies.
With the global trend of targeting the “professional enablers” of sanctioned persons, innocent third parties are often affected simply by association. Based on their experience, Ms. Ching and Mr. Shaulko explained how, with the help of global advisors, those impacted can develop defensive and counter-offensive strategies to mitigate the risks and protect their business interests as well as spot emerging commercial opportunities.
