Yes. Cyprus is a member of the European Union, which implements UN sanctions in all member states by way of directly effective regulations.
Does Cyprus implement an autonomous sanctions regime?
What is the nature of the sanctions regime in Cyprus?
As a member of the UN and EU, Cyprus is obliged to adopt and enforce:
UNSC resolutions in accordance with chapter VII of the UN Charter
restrictive measures adopted by the Council of the EU via relevant decisions and regulations, within the framework of the EU’s Common Foreign and Security Policy
As well, Cyprus implements financial restrictions, freezing of assets and visa or travel bans.
Does Cyprus maintain a list of sanctioned individuals and entities?
No. Cyprus relies on UN and EU sanctions lists.
Are there any other lists related to sanctions?
Does Cyprus have a licensing or authorisation system in place?
Yes. The Central Bank of Cyprus grants licences for exemptions to UN and EU sanctions. The Ministry of Finance’s Advisory Body on Financial Sanctions grants licences and approves requests for the release of funds and financial resources. Trade Service (Imports/Exports Licensing Section), part of the Ministry of Commerce, Industry and Tourism, is the competent authority for export controls concerning dual-use goods, arms and military equipment.
What are the consequences for a breach of sanctions in Cyprus?
A breach of EU sanctions is punishable as a criminal in accordance with Articles 136 and 137 of the Criminal Code of Cyprus (Chapter 154).
Who are the relevant regulators in Cyprus and what are their contact details?
The Ministry of Foreign Affairs is responsible for co-ordinating UN and EU sanctions.
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