Cyprus drew attention to the massive departure of Russian companies from the country

Large Russian companies are leaving the Cypriot jurisdiction en masse, according to an article in the major Cypriot newspaper Phileleftheros. Firms are transferred to special administrative regions of Russia with a special tax regime or to neighboring countries such as Kazakhstan.

According to the newspaper, a double-digit number of companies “with a huge volume of work in their sector” have expressed their desire to leave the Cypriot jurisdiction in recent months. According to the publication, “other business entities will do the same in the near future.” The newspaper explains this by the policy of the new Cypriot authorities, who are opposing the circumvention of anti-Russian sanctions.

As an example, the Cypriot media cites the departure or plans for the departure of TCS Group (the parent company of Tinkoff Bank), developer Etalon Group, retailer Fix Price, United Medical Group (holding company of the European Medical Center), Transmashholding, Globaltrans and the Ozon marketplace.