The Department of Registrar of Companies and Intellectual Property is assessing a large number of requests from companies that are directly or indirectly involved with the sanctions imposed by the USA and the UK and is waiting instructions from the government to handle the matter.

Registrar of Companies and Intellectual Property Irene Mylona-Chrysostomou told CNA that there are currently around 500 requests, adding that they receive daily many telephone calls.  She said that many lawyers and accountants who would like to take over these companies and help them are waiting for the final decision on the handling of these applications so as to be able to submit requests.

She noted that the Department of the Registrar of Companies has not taken any action since April 12 when the sanctions were announced. It is studying the matter and awaits guidance following a decision by the government on the policy terms of US and UK sanctions, she said.

Irene Mylona-Chrysostomou said that an opinion was requested from the Attorney General, adding that this opinion has been received and is being studied.

She clarified that pending instructions, those companies' requests are not frozen and neither do they have the right to freeze them, but they are studying how to deal with them.

In April the USA and the UK imposed sanctions on natural persons and legal entities in Cyprus for cooperation with Russian oligarchs.

The government requested more information from the American authorities in relation to the sanctions imposed. Last Friday a new, second dossier was received from the USA about the reasons that led the US government to proceed with sanctions, while a third dossier is expected.

The US and UK competent authorities are expected to announce on Friday a new list of natural and legal persons in Cyprus, who will be subject to sanctions.