Cyprus: Export Controls & Trade & Investment Sanctions

On 11 June 2026, the Court of Justice of the European Union (the “Court”) delivered its judgment in Case C-81/24, Jenec. The case concerned the relationship between the right of access to a payment account with basic features under Directive 2014/92/EU (the “Payment Accounts Directive”) and the AML/CFT obligations imposed on financial institutions under Directive (EU) 2015/849 (the “AML Directive”).

The European Union has significantly expanded its Russia sanctions regime by designating 34 individuals and 47 entities across multiple sectors, including military-industrial operations, shadow fleet energy transport, disinformation campaigns, and human rights violations connected to Alexei Navalny's death. These measures extend beyond Russian borders to target third-country facilitators in China, UAE, Turkey, and other jurisdictions, demonstrating the EU's evolving approach to disrupting international sanc

Cyprus is investigating whether subsidiaries of the Essar Group may have breached or circumvented EU sanctions through transactions with Russia's VTB Bank. The probe centers on allegations that debt obligations were strategically moved from Cyprus to Mauritius in 2022, potentially to avoid sanctions restrictions.

On 29 July 2025, the UK Supreme Court issued a decision that will shape the future of sanctions law.

Cyprus has taken a decisive step toward strengthening its financial integrity with the launch of the National Sanctions Implementation Unit (NSIU), known in Greek as the Εθνική Μονάδα Εφαρμογής Κυρώσεων (EMEK).

In a significant development for Cyprus's regulatory framework, July 2025 marked the establishment of a National Sanctions Implementation Unit (NSIU)...

In response to geopolitical tensions between Russia and Ukraine, the European Union adopted Regulation 833/2014 (the "Regulation")...

On the 24th April 2024, the EU Council adopted Directive (EU) 2024/1226 (the "Directive"), through which it introduced a number of criminal offences relating to violation of EU restrictive measures.

The European Commission has implemented Article 5r of Council Regulation (EU) 833/2014 which introduces a new reporting obligation.