A US panel of experts will help investigate how Russian oligarchs evade sanctions

Cypriot government spokesman Konstantinas Letymbiotis told reporters that President Nicos Christodoulides had met with experts to advise police on how best to investigate cases related to financial crimes. They will stay on an island in the eastern Mediterranean for a few days before returning to continue their assistance.

Cypriot officials said the six-member panel includes experts from the Federal Bureau of Investigation (FBI) and the Department of Justice. The officials spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

Kristodulidis told The Associated Press last month that he had personally approached a third party, which he did not name, for help with new and old allegations that Cypriot financial services providers helped Russian oligarchs evade international sanctions.

The president said there are many investigations into the alleged sanctions evasion, but did not elaborate.

N. Kristodulidis said that he did not want any shadow of suspicion to fall on the member state of the European Union, because any unwanted publicity would harm efforts to attract quality foreign investments.

Experts will help a team of seven police investigators examine old and new media reports that say lawyers and accountants based in Cyprus funneled money to Russian oligarchs through a shadowy web of companies and trusts to avoid arrest under sanctions related to Russia’s war in Ukraine.

The latest allegations were made in several articles published last month by the International Consortium for Investigative Journalism (ICIJ). They cite leaked documents that say some Cypriot companies helped Russian oligarchs transfer money to avoid sanctions.