In Cyprus, the release of these FAQs shows steps taken by the Ministry of Finance as well as local regulators, including the Cyprus Securities and Exchange Commission (CySEC), the Cyprus Bar Association, and the Cyprus Chamber of Commerce and Industry (SELK), to further publicise the measures by promptly circulating announcements to public.

At its core, Article 5r mandates EU entities with over 40 per cent ownership by Russian interests to report fund transfers out of the EU exceeding €100,000 to the competent authorities of their respective home member states. A similar reporting obligation applies to credit and financial institutions initiating such transfers, who are required to submit semi-annual reports.

The guidance provided by the European Commission and the proactive announcements from Cyprus regulators represent a pivotal step towards monitoring and detection of breaches of the EU sanctions regime within the EU's financial ecosystem.

Our recent detailed post on the European Commission FAQs on Article 5r under EU Council Regulation 833/2014 can be accessed here.

CySEC’s Circular can be found here.

Cyprus BAR Association’s news releases can be found here and here.

SELK’s announcements can be found here, here and here.