One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report. 
 
Alexei Mordashov's case is among several uncovered in a document leak being called Cyprus Confidential, said a report by the Guardian.

The documents were leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany’s Paper Trail Media.&nbsp;

<h2>Cyprus Confidential</h2>

In what is said to be the largest-ever financial data leak from Cyprus, a cache of 3.6 million files suggests that PwC Cyprus and other advisers played a role in managing transactions as Russian forces launched the invasion of Ukraine in February 2022.&nbsp;

The cache of millions of files sheds light on the blue-chip accountancy firm’s work for the Kremlin-connected mining and banking tycoon, Alexei Mordashov, raising serious questions about PwC Cyprus’ role in a potential sanctions breach.

According to the Guardian, the files contain emails of PwC Cyprus staff discussing transfers of about a third of the shares in Tui, Europe’s largest travel company, to Mordashov’s life partner.&nbsp;

It is also reported that PwC Cyprus and other advisers helped one of Russia’s most powerful oligarchs attempt to transfer $1.2 billion in a public company on the day he was placed under EU sanctions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-why-businesses-are-pulling-money-out-at-a-fast-rate-from-china-658658">Explained: Why businesses are pulling money out at a fast rate from China?</a>

The documents, as per the Guardian, also showed $652,629 worth of undisclosed payments from companies linked to the same oligarch to an influential German journalist who is said to be a &nbsp;leading expert on Russia, to support the publication of two books about President Vladimir Putin.

Since the beginning of what Russia calls its “special military operation” in Ukraine, western countries have imposed the largest-ever package of sanctions against Moscow and its business elite, but recently the focus has shifted to ensuring the enforcement of those restrictions.&nbsp;

The leak also revealed Cyprus’ role as a gateway into Europe for the Kremlin-connected elite as out of 104 Russian billionaires&nbsp;that the Forbes magazine identified this year two-thirds appeared alongside family members as clients of the island’s professional service providers.

According to the reports, 71 Russian clients have come under sanctions since February 2022. However, advisers have reportedly said that many of these relationships have been terminated.&nbsp;

<h2>Cyprus govt vows to respond with ‘zero-tolerance approach’</h2>

Following the leak and the report by the Guardian, the Cypriot government has vowed to take a &nbsp;“zero-tolerance approach” to sanctions violations. A spokesperson said Cyprus was receiving technical support from the British government to create a sanctions implementation unit next year.&nbsp;

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Additionally, the country has also joined an EU cross-border project on making sanctions effective, reported the Guardian.&nbsp;

The exact rules around the timeline and enforcement of the sanctions against the Russian president, officials, and its oligarchs are now under scrutiny, both in Cyprus and across Europe.&nbsp;

The Cyprus finance ministry said it had launched a criminal investigation into the transfer of Mordashov’s stake in Tui. “We are aware of Tui share transfers and a criminal investigation is being carried out,” said a spokesperson for the ministry, as quoted by the Guardian, when asked about the report.&nbsp;

Mordashov and PwC told the British media outlet they were unaware of the criminal investigation.

One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report.

One of the world’s biggest accountancy firms, PwC, helped Russia’s “richest” oligarch to transfer hundreds of millions in assets as sanctions by the European Union (EU) loomed after the Russian invasion of Ukraine, according to an investigation report. Alexei Mordashov's case is among several uncovered in a document leak being called Cyprus Confidential, said a report by the Guardian. The documents were leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany’s Paper Trail Media. Cyprus Confidential In what is said to be the largest-ever financial data leak from Cyprus, a cache of 3.6 million files suggests that PwC Cyprus and other advisers played a role in managing transactions as Russian forces launched the invasion of Ukraine in February 2022. The cache of millions of files sheds light on the blue-chip accountancy firm’s work for the Kremlin-connected mining and banking tycoon, Alexei Mordashov, raising serious questions about PwC Cyprus’ role in a potential sanctions breach. According to the Guardian, the files contain emails of PwC Cyprus staff discussing transfers of about a third of the shares in Tui, Europe’s largest travel company, to Mordashov’s life partner. It is also reported that PwC Cyprus and other advisers helped one of Russia’s most powerful oligarchs attempt to transfer $1.2 billion in a public company on the day he was placed under EU sanctions. ALSO READ | Explained: Why businesses are pulling money out at a fast rate from China? The documents, as per the Guardian, also showed $652,629 worth of undisclosed payments from companies linked to the same oligarch to an influential German journalist who is said to be a leading expert on Russia, to support the publication of two books about President Vladimir Putin. Since the beginning of what Russia calls its “special military operation” in Ukraine, western countries have imposed the largest-ever package of sanctions against Moscow and its business elite, but recently the focus has shifted to ensuring the enforcement of those restrictions. The leak also revealed Cyprus’ role as a gateway into Europe for the Kremlin-connected elite as out of 104 Russian billionaires that the Forbes magazine identified this year two-thirds appeared alongside family members as clients of the island’s professional service providers. According to the reports, 71 Russian clients have come under sanctions since February 2022. However, advisers have reportedly said that many of these relationships have been terminated. Cyprus govt vows to respond with ‘zero-tolerance approach’ Following the leak and the report by the Guardian, the Cypriot government has vowed to take a “zero-tolerance approach” to sanctions violations. A spokesperson said Cyprus was receiving technical support from the British government to create a sanctions implementation unit next year. ALSO READ | Russia's rouble rises as cash inflow surges amidst oil export recovery Additionally, the country has also joined an EU cross-border project on making sanctions effective, reported the Guardian. The exact rules around the timeline and enforcement of the sanctions against the Russian president, officials, and its oligarchs are now under scrutiny, both in Cyprus and across Europe. The Cyprus finance ministry said it had launched a criminal investigation into the transfer of Mordashov’s stake in Tui. “We are aware of Tui share transfers and a criminal investigation is being carried out,” said a spokesperson for the ministry, as quoted by the Guardian, when asked about the report. Mordashov and PwC told the British media outlet they were unaware of the criminal investigation.

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

The United States on Wednesday increased the ambit of sanctions imposed on Russian oligarchs and related entities for supporting Moscow’s invasion of ukraine. The US Treasury and State departments ticked off nearly 120 targets to squeeze Russia for its ongoing war with Ukraine.

The United States on Wednesday increased the ambit of sanctions imposed on Russian oligarchs and related entities for supporting Moscow’s invasion of ukraine. The US Treasury and State departments ticked off nearly 120 targets to squeeze Russia for its ongoing war with Ukraine. Russian billionaire businessman Alisher Usmanov was one of the main targets in the new list. It is believed that Usmanov is extremely close to Russian President Vladimir Putin and Dmitry Medvedev, the former Russian president. The Treasury Department accused him of having a "wide network of businesses in financial safe havens and family members through which to conduct financial transactions, enabling him to potentially circumvent sanctions". USM Holdings, Miramonte Investments, Savoler Development and Windfall Properties amongst others were the companies targeted by the department. Megafon, one of Russia's big four telecoms operators has also been named on the list. Up until now, the US had stopped short of sanctioning Russia's telecom infrastructure. "As the Kremlin seeks ways around the expansive multilateral sanctions and export controls imposed on Russia for its war against Ukraine, the United States and our allies and partners will continue to disrupt evasion schemes that support Putin on the battlefield," said US Treasury Under Secretary Brian Nelson. Firms in ally nations targetted Additionally, Cyprus-based "financial fixers" who helped Usmanov as well as fellow Russian billionaire Roman Abramovich were also made privy to the fresh sanctions. Firms in Hong Kong, Turkey and the UAE which have been allegedly selling drones and other electronic gadgets to the Russian defence sector were also slapped with sanctions. ALSO READ | US announces new sanctions on Russian banks, defence sector, blocks semiconductor access Experts stated that sanctioning Turkish and UAE firms suggested that even partner nations were not immune from US action if they attempted to support Russia. The US Treasury in a statement added that Budapest-based International Investment Bank (IIB) which has majority-Russian ownership was also brought under the sanctions list. "IIB's presence in Budapest enables Russia to increase its intelligence presence in Europe, opens the door for the Kremlin’s malign influence activities in Central Europe and the Western Balkans, and could serve as a mechanism for corruption and illicit finance, including sanctions violations," it said. WATCH | US releases new Russia sanctions list, top energy, telecom firm prime target in list × Ever since Russia invaded Ukraine last year, the US has actively imposed sanctions on Russian companies as well as oligarchs. It has also urged countries across to impose sanctions and stop any financial dealing with Moscow. (With inputs from agencies) WATCH WION LIVE HERE:

US releases fresh sanctions list targeting firms, individuals supporting Russia's invasion of Ukraine

On Tuesday, jailed Kremlin critic Alexei Navalny called for a systematic crackdown on Russian oligarchs who have been backing Vladimir Putin's military campaign in Ukraine.

Calling attention to the pre-existing sanctions by the United States, European Union or the United Kingdom on some of Russia's wealthiest, Navalny pointed out that only 46 of the Forbes list of Russia's 200 richest people have been hit by western sanctions.

Watch |&nbsp;Gravitas: Putin promises to arm Russia's allies

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-putin-promises-to-arm-russias-allies-507552/embed" width="560"></iframe>

"That doesn't sound very much like an all-out war on Putin's oligarchs to me," he remarked.

He said that Alexei Miller, the CEO of the Russian gas giant Gazprom, was still exempt from EU sanctions.

Another name he pointed out was that of Roman Abramovich, a well-known Russian businessman and former owner of the Chelsea football club. Navalny said that despite the fact that Abramovich's enterprises supply "metal to the Russian defence ministry" has so far evaded US sanctions.

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-nuclear-operator-reports-most-powerful-cyberattack-since-the-start-of-the-russian-invasion-507577" hreflang="en">Ukraine nuclear operator reports 'most powerful cyberattack since the start of the Russian invasion'</a>

If, despite considerable chatter, "we&nbsp;still don't use the stick against them, while allowing them to keep all their carrots", said Navalny,&nbsp;"we can't expect a split among Putin's elite on the issue of war".

"I call on all voters and legislators in the EU, UK, US and Canada to put pressure on the executive branch and force them to stop engaging in demagoguery and urgently get down to massive personal sanctions against Putin's thieves."

Also read |&nbsp;<a href="https://www.wionews.com/world/finland-limits-visas-to-russians-as-tourists-use-it-as-a-gateway-to-europe-amid-sanctions-507564" hreflang="en">Finland limits visas to Russian tourists who amid sanctions were using nation as a gateway to Europe</a>

Navalny, who is serving a nine-year prison sentence in a penal colony near the Russian town of Vladimir on embezzlement charges, also advocated for a "20-year" travel restriction on European Union, American, and British territories for anyone who backs the Russian military incursion in Ukraine.

On Tuesday, jailed Kremlin critic Alexei Navalny called for a systematic crackdown on Russian oligarchs who have been backing Vladimir Putin's military campaign in Ukraine.

On Tuesday, jailed Kremlin critic Alexei Navalny called for a systematic crackdown on Russian oligarchs who have been backing Vladimir Putin's military campaign in Ukraine. Calling attention to the pre-existing sanctions by the United States, European Union or the United Kingdom on some of Russia's wealthiest, Navalny pointed out that only 46 of the Forbes list of Russia's 200 richest people have been hit by western sanctions. Watch | Gravitas: Putin promises to arm Russia's allies "That doesn't sound very much like an all-out war on Putin's oligarchs to me," he remarked. He said that Alexei Miller, the CEO of the Russian gas giant Gazprom, was still exempt from EU sanctions. Another name he pointed out was that of Roman Abramovich, a well-known Russian businessman and former owner of the Chelsea football club. Navalny said that despite the fact that Abramovich's enterprises supply "metal to the Russian defence ministry" has so far evaded US sanctions. Also read | Ukraine nuclear operator reports 'most powerful cyberattack since the start of the Russian invasion' If, despite considerable chatter, "we still don't use the stick against them, while allowing them to keep all their carrots", said Navalny, "we can't expect a split among Putin's elite on the issue of war". "I call on all voters and legislators in the EU, UK, US and Canada to put pressure on the executive branch and force them to stop engaging in demagoguery and urgently get down to massive personal sanctions against Putin's thieves." Also read | Finland limits visas to Russian tourists who amid sanctions were using nation as a gateway to Europe Navalny, who is serving a nine-year prison sentence in a penal colony near the Russian town of Vladimir on embezzlement charges, also advocated for a "20-year" travel restriction on European Union, American, and British territories for anyone who backs the Russian military incursion in Ukraine.

Jailed Kremlin critic Alexei Navalny calls for 'an all-out war on Putin's oligarchs'

According to a report, over hundred private jets belonging to Russian oligarchs are stuck in Dubai's airports ever since the sanctions were imposed by the Western government against Putin's regime.

A report by Wall Street Journal said the jets were accumulated between mid-February to April. Dubai hasn't imposed sanctions on Russia and has kept its air traffic open for Russian planes.

<a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">Also Read:&nbsp;EU adds 160 Russian oligarchs to sanctions blacklist</a>

Last month UK authorities had impounded a private jet reportedly linked to Russian oligarch Eugene Shvidler. The UK has banned Russian aircraft from entering its airspace and airports.

The UK reportedly took control of a Bombardier Global 6500 jet which belonged to Shvidler. The UK has put stringent rules in place to detain and terminate registration of Russian-linked planes.

Britain had earlier announced a travel ban and assets freeze of billionaire businessman Alisher Usmanov and former Russian deputy prime minister Igor Shuvalov.

Watch:&nbsp;&nbsp;Is UAE a safe haven for oligarchs?

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Shvidler's jet had reportedly arrived from New Jersey in US and was due to fly to Dubai. The jet is reportedly registered with a Luxembourg company.

Last week the US had imposed further sanctions on Russian oligarchs including their family members. The ban included targeted the Russian ultra-rich from transferring their assets to their family members.

Also Read:

America has imposed travel ban on over 50 Russian oligarchs including their families and close associates.&nbsp;

Biden attacked Putin's regime saying the "oligarchs were lining their pockets with the Russian people's money while the Ukrainian people are hiding in subways from missiles."

(With inputs from Agencies) 
&nbsp;

According to a report, over hundred private jets belonging to Russian oligarchs are stuck in Dubai's airports ever since the sanctions were imposed by the Western government against Putin's regime.

According to a report, over hundred private jets belonging to Russian oligarchs are stuck in Dubai's airports ever since the sanctions were imposed by the Western government against Putin's regime. A report by Wall Street Journal said the jets were accumulated between mid-February to April. Dubai hasn't imposed sanctions on Russia and has kept its air traffic open for Russian planes. Also Read: EU adds 160 Russian oligarchs to sanctions blacklist Last month UK authorities had impounded a private jet reportedly linked to Russian oligarch Eugene Shvidler. The UK has banned Russian aircraft from entering its airspace and airports. The UK reportedly took control of a Bombardier Global 6500 jet which belonged to Shvidler. The UK has put stringent rules in place to detain and terminate registration of Russian-linked planes. Britain had earlier announced a travel ban and assets freeze of billionaire businessman Alisher Usmanov and former Russian deputy prime minister Igor Shuvalov. Watch: Is UAE a safe haven for oligarchs? Shvidler's jet had reportedly arrived from New Jersey in US and was due to fly to Dubai. The jet is reportedly registered with a Luxembourg company. Last week the US had imposed further sanctions on Russian oligarchs including their family members. The ban included targeted the Russian ultra-rich from transferring their assets to their family members. Also Read: America has imposed travel ban on over 50 Russian oligarchs including their families and close associates. Biden attacked Putin's regime saying the "oligarchs were lining their pockets with the Russian people's money while the Ukrainian people are hiding in subways from missiles." (With inputs from Agencies)

Over 100 private jets linked to Russian oligarchs stuck in Dubai: Report