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One Individual And Two Legal Entities From Cyprus In New US Sanctions

by THEFUTURE.TEAM

June 13, 2024

Another individual, holder of the Cypriot nationality and two companies registered in Cyprus are included in the list of new sanctions imposed by the US against Russia on Wednesday.

The US Treasury Department announced new sanctions on more than 300 individuals and entities to degrade Russia’s capability to pursue its war of aggression against Ukraine.

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In OFAC’s updated list, Bulat Akhatovich Yanborisov, a Russian who also holds Cyprus citizenship, is included. According to a US Treasury Department press release, Russia-based Silk Way Rally Association holds an annual off-road rally race that the U.S.-designated Russian Main Intelligence Directorate (GRU) uses as a front for intelligence operations.

The GRU has given awards to Bulat Akhatovich Yanborisov, the head of Silk Way, for his work. Bulat appears to use his properties in Europe as transit points for GRU officers. Bulat, who is Silk Way’s CEO and general director, alongside his son Amir Bulatovich Yanborisov, uses Silk Way’s logistical infrastructure to procure anti-UAV and radioelectronic warfare equipment for use on the battlefield in Ukraine.

Moreover, the Cyprus-registered companies Picotin Holdings Ltd and Sentimare Enterprises Ltd were also added to the list of sanctions. According to the US Department of State, the two companies are linked to Vladimir Olegovich Potanin, one of the wealthiest oligarchs in Russia, who formerly served as a Deputy Prime Minister for the Russian Federation.

Potanin has been on the sanctions list since December 2022. The Department is designating four Liechtenstein-based foundations, Paloma Foundation, Spero Foundation, Natwin Foundation, and Cafar Foundation, as well as two Cyprus-based entities, Sentimare Enterprises Ltd and Picotin Holdings Ltd and one UAE-based entity, Sentimare Me Ltd, connected to the scheme.

Given that Potanin was previously the ultimate beneficial owner of Sentimare Enterprises Ltd and his minor children’s current equal ownership of the four foundations, the US Department of State believes that Potanin retains control of the four foundations and thus the control of Sentimare Enterprises Ltd, that is controlled by the four foundations.

Moreover, it notes that Sentimare Me Ltd and Picotin Holdings Ltd are being designated for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Sentimare Enterprises Ltd, since they are both wholly owned by Sentimare Enterprises Ltd.

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Cyprus Summer Bookings Fall Over 30% As Hospitality Sector Seeks Support

Pre-Bookings Decline In Cyprus Tourism Sector

Cyprus tourism stakeholders reported lower pre-bookings for the summer season compared with last year. Industry representatives, including hotel associations and unions, raised the issue during a meeting with Marinos Mousiouttas, Minister of Labor, noting that cancellations have stabilised while forward bookings remain below previous levels.

External Pressures And Travel Patterns

Several factors are affecting travel demand. Higher fuel costs have contributed to increased airfare prices, influencing travellers’ choices and shifting some demand toward alternative transport such as cruises, trains, and private vehicles. At the same time, adjustments in airline schedules, including route reductions, are affecting connectivity and booking flows.

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Calls For Government Support

Against this backdrop, industry representatives requested an extension of wage subsidy schemes through April and May. They also pointed to the need for broader measures to support the sector, as early booking activity has slowed and booking patterns are shifting toward last-minute reservations. Current reservations are reported to be more than 30% lower than a year earlier, while average hotel occupancy is around 40%, compared with previous levels closer to 80%.

Coordinated Government Response And Future Prospects

Christos Angelidis, General Director of PASYXE, said Marinos Mousiouttas, Minister of Labor, acknowledged the situation and will consult with other ministers on possible coordinated measures. Angelidis added that extending wage subsidy schemes could support business continuity during the current period and help stabilise conditions in the sector.

At the same time, the government has introduced a strategic plan focused on how Cyprus is positioned internationally. The initiative, developed with Invest Cyprus, aims to align messaging across tourism and investment, with emphasis on consistency in external communication. Victor Papadopoulos, Director of the President’s Office, said the approach is intended to highlight key characteristics of the country in international markets.

Looking Ahead

Current booking data and occupancy levels indicate a slower start to the season, while demand patterns are shifting toward shorter booking windows. At the same time, discussions between industry representatives and government bodies point to potential measures aimed at supporting the sector as the season progresses.