The UK is set to support Cyprus in launching a National Sanctions Implementation Unit aimed at disrupting illicit Russian finance across Europe. This collaboration comes as both nations
strengthen ties to tackle serious organised crime, in line with the UK government’s mission to make streets safer and uphold international security.
The agreement, reached between UK Prime Minister Keir Starmer and Cypriot President Nikos Christodoulides, reinforces intelligence and security cooperation between the two nations. The new unit will integrate expertise and intelligence from the UK’s Office of Financial Sanctions Implementation and Office of Trade Sanctions Implementation with the Cypriot Ministry of Finance.
Equipped with advanced analytical tools and investigative powers, the unit will work to prevent sanctions evasion, monitor financial flows, and bolster the effectiveness of sanctions aimed at undermining Russia’s capacity to sustain its war in Ukraine.
In addition to targeting Russian illicit finance, the UK and Cyprus will collaborate to counter broader financial crimes. This includes sharing knowledge on identifying the beneficial owners of assets and rolling out specialised financial crime training for Cypriot law enforcement.
Next year, the UK’s National Crime Agency will deliver training packages, while HMRC will provide upskilling programs for Cypriot customs officers. These efforts aim to enhance risk profiling and investigative techniques to curb smuggling and illicit tobacco trade, reducing the inflow of illegal goods into the UK.
Prime Minister Keir Starmer emphasized the importance of international partnerships, stating:
"This government is delivering on our Plan for Change, which is built on strong foundations, including our national security. Only by working with like-minded partners can we protect our interests both at home and abroad.
"Together with the Republic of Cyprus, we are stemming the flow of illicit finance through Europe to starve Putin’s war machine and protect global stability."
Since Russia's invasion of Ukraine, Cyprus has frozen £1.5 billion in Russian assets, demonstrating its commitment to collective efforts against Russia's aggression.
Cyprus joined the UK-led Shadow Fleet initiative earlier this year, aimed at intercepting ships engaged in illegal activities, including sanction evasion. To date, 46 countries and the EU have signed onto this initiative, launched at the European Political Community summit.
Prime Minister Starmer’s trip marks the first bilateral visit to Cyprus by a UK leader in over 50 years, underscoring the significance of the partnership. The last bilateral visit occurred in 1971 when Edward Heath was Prime Minister.
This deepening cooperation between the UK and Cyprus highlights a shared commitment to global security, cracking down on financial crime, and safeguarding the international order. Photo by Petros3, Wikimedia commons.