No, Cyprus is not currently an OFAC sanctioned country.
So let us dig a little deeper
Cyprus is not currently an OFAC sanctioned country. OFAC stands for the Office of Foreign Assets Control, which is part of the US Department of the Treasury that administers and enforces economic and trade sanctions against targeted foreign countries, individuals, groups, and entities. Being an OFAC sanctioned country means that specific restrictions and prohibitions are imposed on US individuals and entities in relation to transactions with entities associated with that country. In the case of Cyprus, no such restrictions are currently in place.
“OFAC regulations are not permanent—they can be amended or revoked.” – Office of Foreign Assets Control
Some interesting facts about Cyprus:
Cyprus is an island nation located in the eastern Mediterranean, south of Turkey and west of Syria and Lebanon.
The official languages are Greek and Turkish, and the predominant religion is Orthodox Christianity.
Cyprus is known for its tourism industry, with popular destinations including the ancient city of Paphos and the party town of Ayia Napa.
The country has a rich history, with evidence of human activity dating back to 10,000 BC, and has been invaded and ruled by many different empires over the centuries, including the Greeks, Romans, Ottomans, and British.
Cyprus is also known for its production of halloumi cheese and Commandaria wine, both of which are protected by the EU’s designation of origin scheme.
The UN maintains a peacekeeping force on the island to monitor the ceasefire between the Greek Cypriots and Turkish Cypriots following a conflict in the 1970s.
This video has the solution to your question
This video provides an overview of sanctions, which are tools used in international trade to maintain or restore peace and security and bring about changes in the behavior of targeted individuals or groups. Sanctions come in various types, such as country-based, list-based, targeted, and financial sanctions, and are applied based on specific situations. The Office of Foreign Assets Control is the US-sanctioned regime, responsible for over 12 programs and 6,300 names connected with sanctions targeting. Non-compliance with sanctions is a serious offense with legal repercussions, such as fines or prison sentences. The effectiveness of sanctions is unclear, but evidence indicates that longer-lasting sanctions are less likely to succeed.
There are no international sanctions currently in force against Cyprus. The Republic of Cyprus has accepted and is bound by the obligations under the Charter of the United Nations. The CySEC Directive regarding the prevention and suppression of money laundering and terrorist financing does not adopt US Sanctions. Therefore, no law of the Republic of Cyprus requires an obliged entity to follow OFAC Sanctions.
There are no international sanctions currently in force against this country.
Yes. In particular, the Republic of Cyprus has accepted and is bound by the obligations under the Charter of the United Nations (the Charter).
By extension the CySEC Directive regarding the prevention and suppression of money laundering and terrorist financing (in Greek), or the law 58 (I)2016 does not adopt US Sanctions. So, in conclusion, no law of the Republic of Cyprus requires an obliged entity to follow OFAC Sanctions.
I’m sure you’ll be interested
What countries are OFAC sanctioned?
Response will be: Sanctions Programs and Country Information
Active Sanctions Programs
Program Last Updated
Iran Sanctions
Jun 14, 2023
Iraq-Related Sanctions
Dec 28, 2022
Lebanon-Related Sanctions
Apr 04, 2023
Libya Sanctions
Oct 17, 2022
What are the 5 sanctioned countries?
Combined, the Treasury Department, the Commerce Department and the State Department list sanctions concerning these countries or territories:
Afghanistan.
Belarus.
China.
Crimea.
Cuba.
Eritrea.
Iran.
Libya.
What is OFAC sanctions list?
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.
Does OFAC cover countries?
The Office of Foreign Assets Control (OFAC) does not maintain a specific list of countries that U.S. persons cannot do business with. Here’s why: U.S. sanctions programs vary in scope. Some are broad-based and oriented geographically (i.e. Cuba, Iran).
What are OFAC sanctions?
OFAC administers a number of different sanctions programs. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. Where is OFAC’s country list? Information on OFAC sanctions lists program tags and their definitions.
How can ORPA ensure compliance with sanctions regulations?
As a response to this: ORPA can screen against lists of restricted parties to ensure compliance with sanctions regulations. so that a license determination may be made. Sanctions regulations vary significantly by country. The following countries are subject to restrictions on certain types of activities, as indicated below. This list is current as of March 10, 2022.
What is the Office of Foreign Assets Control (OFAC)?
The Office of Foreign Assets Control (OFAC) is part of the United States Treasury Department. OFAC manages the United States government’s sanctions and embargo programs, as well as the Specially Designated Nationals (SDNs) and Blocked Persons lists.
What is a US sanctions program?
As a response to this: U.S. sanctions programs vary in scope. Some are broad-based and oriented geographically (i.e. Cuba, Iran). Others are “targeted” (i.e. counter-terrorism, counter-narcotics) and focus on specific individuals and entities. These programs may encompass broad prohibitions at the country level as well as targeted sanctions.
Is the sanctions regime autonomous in Cyprus?
Answer will be: In this regard, the sanctions regime of Cyprus is not autonomous but rather dependent on, and aligned with, the guidelines and the decisions of the above-mentioned institutions / organizations. 4. What is the nature of the sanctions regime in Cyprus?
What are OFAC sanctions?
As a response to this: OFAC administers a number of different sanctions programs. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. Where is OFAC’s country list? Information on OFAC sanctions lists program tags and their definitions.
How can ORPA ensure compliance with sanctions regulations?
Answer: ORPA can screen against lists of restricted parties to ensure compliance with sanctions regulations. so that a license determination may be made. Sanctions regulations vary significantly by country. The following countries are subject to restrictions on certain types of activities, as indicated below. This list is current as of March 10, 2022.
Why did OFAC impose sanctions against Belarusian president Lukashenko?
For example, OFAC recently levied sanctions pursuant to Executive Orders 14038 and 13405 —both Belarus-specific sanctions programs—against 59 individuals and 41 entities who are associated with Belarusian President Alexander Lukashenko’s regime and its “bblatant disregard for international norms and the wellbeing of its own citizens.”
