{"id":1212,"date":"2026-04-24T11:46:33","date_gmt":"2026-04-24T15:46:33","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=1212"},"modified":"2026-04-24T11:46:34","modified_gmt":"2026-04-24T15:46:34","slug":"cyprus-investigation-into-possible-russian-sanctions-breaches-by-subsidiaries-of-indian-group","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2026\/04\/24\/cyprus-investigation-into-possible-russian-sanctions-breaches-by-subsidiaries-of-indian-group\/","title":{"rendered":"Cyprus &#8211; investigation into possible Russian sanctions breaches by subsidiaries of Indian group"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Tucked away in a <a href=\"https:\/\/www.theguardian.com\/business\/2026\/apr\/24\/revealed-uk-oil-refinery-owner-moved-russian-loans-to-offshore-subsidiary-where-sanctions-did-not-apply\"><em>Guardian <\/em>article<\/a> otherwise about allegations of breaches of the UK&#8217;s sanctions, it is being reported that the Cypriot Ministry of Finance has confirmed that it is investigating whether Cypriot subsidiaries of the Essar Group entered into transactions with Russia&#8217;s VTB Bank that breached, or circumvented, the EU&#8217;s sanctions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The allegations relate to the movement of debt obligations owed by the Essar Group to VTB Bank from Cyprus to Mauritius in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tucked away in a Guardian article otherwise about allegations of breaches of the UK&#8217;s sanctions, it is being reported that the Cypriot Ministry of Finance has confirmed that it is investigating whether Cypriot subsidiaries of the Essar Group entered into transactions with Russia&#8217;s VTB Bank that breached, or circumvented, the EU&#8217;s sanctions. The allegations relate &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2026\/04\/24\/cyprus-investigation-into-possible-russian-sanctions-breaches-by-subsidiaries-of-indian-group\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cyprus &#8211; investigation into possible Russian sanctions breaches by subsidiaries of Indian group&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104,70],"tags":[52,20,18],"ppma_author":[7],"class_list":["post-1212","post","type-post","status-publish","format-standard","hentry","category-104","category-infrastructure-and-transport","tag-cyprus","tag-financial-sanctions","tag-russia"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","author_category":"","last_name":"Handley","first_name":"Mark","job_title":"","user_url":"https:\/\/www.duanemorris.com\/attorneys\/markhandley.html","description":"<a href=\"https:\/\/www.duanemorris.com\/attorneys\/markhandley.html\">Read Mark's bio.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=1212"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1212\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=1212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=1212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=1212"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=1212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}