The Ministry of Finance of the Republic of Cyprus has confirmed that more than 1.2 billion euros of Russian assets have been frozen in accounts held by individuals and companies in Cyprus. This follows a decision by the European Court of Justice in July to freeze the assets as part of an investigation into alleged money laundering and corruption.
The assets have been frozen at the request of the European Commission, following allegations that some of the funds were obtained through illegal activities. The funds had been traced to various individuals and entities in Cyprus.
The Ministry of Finance said that it was working closely with the European Commission and other European bodies to ensure that the funds are used in a manner that is both legal and beneficial to the people of Cyprus.
The Ministry also said that it was working to ensure that the funds are properly used and that any proceeds are returned to the European Union. The Ministry also noted that it was cooperating with the European Commission to ensure that any funds used for illegal activities are identified and returned.