Navigating The 12th EU Sanctions Package: Reporting Requirements For Outgoing Fund Transfers

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On 16 April the Ministry of Finance made an announcement regarding the imposition of a new reporting obligation, pursuant to the recent 12th EU sanctions package against Russia.

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On 16 April the Ministry of Finance made an announcement regarding the imposition of a new reporting obligation, pursuant to the recent 12th EU sanctions package against Russia.

In particular, according to the new article 5r of EU Council Regulation 833/2014, a new requirement is introduced to notify, on a quarterly basis, the national competent authorities of EU member states about outgoing transfers of funds out of the EU which relate to Russian-owned entities, defined below.

The national competent authority in the case of Cyprus is the Ministry of Finance and obliged persons shall need to report to the following email: [email protected]

Relevant reporting shall need to be made by credit and financial institutions (that have initiated the relevant transfers of funds mentioned above) and also by the relevant EU-established legal persons, entities and bodies for which more than 40% of ownership may (directly or indirectly) be attributed to:

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Navigating The 12th EU Sanctions Package: Reporting Requirements For Outgoing Fund Transfers

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