An article from Rferl on 3rd December provides examples of EU-domiciled companies that have operated and invested in Crimea since the adoption of EU sanctions, with scores of European companies – primarily offshore holding entities – being involved.  These include EU businesses owned by tycoons and former officials in both Russia and Ukraine, many of which have invested and conducted business in sectors prohibited by EU sanctions, such as tourism and transportation.  For example, it is said that one Cyprus company that controls a hotel in Crimea belongs to a British subsidiary of the US-based Bank of New York Mellon Inc.  However, Cyprus in particular is labelled as having a lax approach to sanctions enforcement.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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