Impact of Sanctions in Ukraine and Russia Under the Laws of Cyprus, the BVI and the Cayman Islands


This guide contains a summary of the current sanctions regime imposed on Ukraine by the European Union in March 2014. No sanctions on the Russian Federation, as relevant to Cyprus, the British Virgin Islands (BVI) or the Cayman Islands are presently in force but these may be introduced at any time.

Cyprus and the implementation of EU sanctions -

Cyprus joined the European Union in 2004. Despite this Cyprus is currently the only Member State of the Union which is not a member of NATO and has historically been part of the non-aligned movement. As a Member State, the EC’s “acquis communautaire” (roughly translated as EC jurisprudence) applies to the whole of Cyprus under its de facto control. In addition Cyprus is required to comply with the Union’s Common Foreign and Security Policy (CFSP). Application of the “acquis” and CFSP means that Cyprus fully implements all sanctions, asset freezing policies and related laws adopted by the European Union. Derogation of Cyprus national and domestic law to the laws of the European Union is guaranteed under the Constitution of Cyprus (Article 1A).

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Topics:  Foreign Policy, Russia, Sanctions, Ukraine

Published In: Elections & Politics Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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