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Dark Deals: Cyprus Firms Facilitate Wealth Sheltering for Putin's Allies Amidst Ukraine Crisis
Dec 16, 2023
An ICIJ-led investigation exposes how Cyprus firms provided services to help key backers of Russian President Vladimir Putin’s regime shelter their wealth and then, as Russia invaded Ukraine, hide billions of dollars in assets from the threat of sanctions.
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hi my name is arushi ganguli and you are
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watching the social talks today I will
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be talking about the Cypress
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confidential investigation that was
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recently launched in Cypress which has
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much in common with the widely known and
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widely reported Panama papers from quite
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a few years ago an ICI Le investigation
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exposes how Cypress firms provided
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services to help key backers of Russian
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President Vladimir Putin's regime
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shelter their wealth and then as Russia
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was invading Ukraine last year hide
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billions of dollars in assets from the
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threat of sanctions Cypress confidential
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reveals how Cate Financial enablers
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scrambled to help Russian oligarchs and
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Putin allies Shield their assets and
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avoid Western sanctions it spills The
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Secret of a European Financial hub's
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clandestine role in protecting and
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moving oligarchs assets around the world
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even as Russia launched its attacks on
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Ukraine last year the investigation was
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led by the international Consortium of
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investigative journalists a nonprofit
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Newsroom based in Washington DC and a
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Global Network of journalists and Munich
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based paper trail media the reporting is
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based on more than 3.6 million leaked
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files from six cyprus-based Financial
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Services of providers and a lvan firm
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that sells cypriate corporate registry
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documents to a website called I Cyprus
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clients of the financial service firms
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include former Chelsea Football Club
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owner Roman Abramovic a Russian military
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contractor and Alexander abov and
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Alexander bov the oligarchs behind Evas
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the Russian steel maker producing most
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of the rails for trains delivering
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Russia's War material Cypress
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confidential exposes how the Cypress arm
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of global accounting giant PWC helped
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Alexi mardav one of Russia's richest
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industrialists transfer a $1.4 billion
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investment to his life partner in a bid
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to elude European Union sanctions the
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investigation uncovers hidden payments
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by middleman close to mesv to a famous
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German journalist to write a book about
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Putin's power a deal that highlights the
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sophistication of the Russian propaganda
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machine abroad it shows how Peter oven
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one of the key strategists behind
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Russian Financial Powerhouse the alpha
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group used a Cypress firm to shift $5
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million outside of European authorities
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reach just as the EU was announcing
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sanctions on members of Putin's Inner
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Circle including him reporting based on
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the financial documents also provides a
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glimpse into the oligarchs lavish
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Lifestyles the private concerts
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featuring Amy wine housee Red Hot Chili
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Peppers and other famous rock stars
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their super yachts and their Priceless
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art collections ici's analysis of the
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leaked record so far have found nearly
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800 companies and trusts registered in
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places that allow the rich to hide
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assets that were owned or controlled by
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Russians who later came under sanctions
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including some who were sanctioned as
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early as 2014 those include more than
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650 the Cypress companies and trusts our
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discovery of the sudden wartime shifting
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of many hundreds of millions of dollars
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in assets demolishes the notion that
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Financial sanctions have halted Russian
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dark money flows it raises grave
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concerns about the active role played by
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Kremlin friendly Cypress firms in aiding
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Russians to evade International
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accountability and it shows how the same
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murky operations favored by oligarchs
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are used by fraudsters football
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financers moneya launderers cyber spies
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and many others reporters pulled their
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research as they mined the files
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questioning dozens of subjects conferred
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with experts even traveled to Cyprus and
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Beyond to uncover nests of trusts and
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shell companies used to shelter and
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enrich members of Putin's Inner Circle
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and others ICI project Partners include
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Arab reporters for investigative
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journalism the belarian investigative
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Center the Bureau of investigative
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journalism CBC dur Pagel the guardian
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lemand OCC RP politic Syrian
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investigative reporting for
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accountability journalism Ukraine's
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slido and the Washington Post Beyond
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Russia Cypress confidential reporting
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shows how PWC administered shell
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companies linked to a kuraka based insur
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and pension fund allegedly looted
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hundreds of millions of dollars Cypress
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confidential reportings brings to light
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several efforts by Cypress middlemen at
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the height of the Syrian Civil War to
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assist Damascus in placing orders for
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American oil and gas drilling equipment
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even though Western sanctions were in
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place it reveals how a Polish skincare
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entrepreneur and ex-wife of an Israeli
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military intelligence Commander
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attempted to conceal her involvement in
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an intricate network of cyber
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surveillance firms it shows how
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Ukrainian oligarch vat akov quietly
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agreed to buy a London Penthouse parking
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spaces and other amenities for about
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$122 million through a British Virgin
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Islands based shell company in a
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response to questions lawyers for akatov
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said he was Ukrainian Chain's largest
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individual taxpayer at a recent press
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conference a Cypress government
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spokesperson announced stepped up
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efforts to coordinate sanctions
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enforcement internationally and said
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these efforts demonstrate quote the
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government's stated intention to show
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Zero Tolerance on matters concerning
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sanctions evasion and law violation and
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by extension to safeguard the country's
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name as a reliable Financial Center
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which is considered to be of key
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importance end quote this investigation
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is being seen as a call to action to
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investigate different aspects of
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Industry that could be Shady in nature
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this information was brought to you by
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the guardian the ICI and Cypress mail we
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hope to gain some perspective on an
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important and complex issue and we hope
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to see you again
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soon
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