Page 21 - RusRPTDec23

department to deal exclusively with cases involving sanction evasion. The team is currently investigating 12 cases.
Cypriot President Nikos Christodoulides told AP that he had requested additional investigative assistance from an unnamed third country. Given Cyprus’ long-standing connections to the UK, and London’s experience of investigating financial crime, it’s reasonable to assume this help will come from the UK.
Three leading Greek shipping companies refused to transport Russian oil, Reuters reported. The companies are Minerva Marine, Thenamaris and TMS Tankers — between them, they have almost 100 tankers. The three have been transporting Russian oil for years and, unlike most European carriers, continued to do so up until the fall of 2023. This change of policy followed U.S. sanctions against Turkish and Emirati tanker owners who transported Russian oil.
In the UAE, which is home to many companies trading in Russian oil, the authorities are tightening procedures for checking and monitoring organisations associated with Russia, Bloomberg reported, citing businessmen and consultants. Refusals to open accounts are becoming more frequent, and transfers are being subject to greater checks. Indeed, transactions can even be blocked until documentary evidence is provided and the origin of the funds can be confirmed. This affects the repatriation of funds to Russia.
Immediately after the invasion of Ukraine, the UAE was welcoming to Russian clients. As a result, it attracted an inflow of wealth from rich Russians. However, in recent months the country’s authorities have set themselves the goal of getting off the Financial Action Task Force’s “gray list”. To do this, the UAE needs to tighten compliance with Western sanctions. At the same time, the U.S., EU and UK are increasing pressure on the Gulf State. Several local companies found themselves on the latest U.S. sanctions list after failing to comply with the Western price cap on Russian oil that was imposed last year.
This note first appeared in The Bell.
2.9 Magnit completes share buyback allowing Western investors to exit
Russian retailer Magnit has announced the completion of a buyback of shares from western investors worth approximately $736mn, allowing the to exit Russia, the company announced on November 27.
In September, Magnit initiated a rare buyback program, repurchasing outstanding shares valued at around RUB48.5bn ($540.6mn). Subsequently, the company conducted an additional tender offer for 7,899,569 shares, representing roughly 7.8% of the total shares issued. This extended offer provided non-resident shareholders of a Russian public company with an opportunity to sell their holdings and receive settlement in different currencies.
21 RUSSIA Country Report December 2023 www.intellinews.com