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

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.

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.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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