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Cyprus Loses Luster as Mediterranean Haven for Russian Biz

(Bloomberg) For Russian businesses, Cyprus just isn’t what it used to be. New Cypriot anti-money laundering rules are compounding the effects of U.S. sanctions against Russia and its high-profile citizens, driving money away from the one-time haven. “Russians are downsizing in Cyprus,” said Kyriakos Iordanou, general manager of the Institute of Certified Public Accountants of Cyprus, whose members have clients from the country.

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