Cyprus has started issuing licenses to Russian nationals for the transfer of unblocked assets from Euroclear and Clearstream to Cypriot brokers

Since spring 2025, transferring assets to Cypriot brokers requires a separate license from the Cyprus Ministry of Finance Sanctions Implementation Unit (MEK) — in addition to licenses issued by the Belgian or Luxembourg regulators, and, where U.S. securities are involved, an OFAC license as well. 

The first licenses were granted in early July, with the review process taking around three months instead of the previously expected six. 

This measure reduces sanctions-related risks and ensures the possibility of transferring securities, but it may also increase processing times and costs. Up to 85% of Russian asset-unblocking transactions in the EU are handled via Cypriot brokers, making them key players in such deals. 

 

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