As a Member State of the United Nations ('UN') and the European Union ('EU'), the Republic of Cyprus has an obligation to enforce and implement (a) restrictive measures adopted by the Council of the EU via relevant decisions and regulations, within the framework of the Common Foreign and Security Policy ('CFSP') as well as (b) international sanctions by a relevant decision/resolution adopted by the United Nations Security Council ('UNSC'), under chapter VII of the UN Charter. Whereas the terms 'sanctions' and 'restrictive measures' can be used interchangeably, the UNSC uses the term 'sanctions' and the EU the term 'restrictive measures'.

Within the framework of the CFSP, Article 215 of the Treaty on the Functioning of the EU allows the European Council to adopt restrictive measures against natural or legal persons and groups or non-State entities. Decisions and regulations of the Council of the EU in the framework of the CFSP (autonomous restrictive measures and incorporation of UNSC sanctions) constitute in their entirety part of EU Law, which supersedes the national legislation of Member States. Measures such as arms embargoes or restrictions on travel bans are implemented directly by all Member States, whereas measures such as interrupting or reducing economic relations with a third country, including measures pertaining to the freezing of funds and economic resources, are implemented by means of an EU regulation.

Decisions and resolutions of the UNSC as regards the imposition of sanctions are binding on all UN Member States as set out in Article 25 of the UN Charter. These are incorporated into EU Law, and thus into the national legislation of EU Member States through decisions and regulations adopted by the Council of the EU in the framework of the CFSP.

Cyprus implements the decisions and resolutions of the UNSC on sanctions, and the decisions and regulations of the Council of the EU on restrictive measures through the Law of 2016 (58(I)/2016), which underlines the obligation of the Republic of Cyprus to enforce and implement UN sanctions and EU restrictive measures.

Other than the UN and the EU lists, Cyprus has no national list on sanctions.


Most powers delegated to government agencies relate to the designation of sanctions targets, the freezing of assets, export controls, and licensing activities that would otherwise be prohibited under applicable sanctions.

The Central Bank of Cyprus is the competent authority for applications and notifications of the granting of licences with respect to transfers and transmissions (electronic or otherwise) of funds which fall within the scope of the decisions and regulations of the EU Council on restrictive measures, and the decisions and resolutions of the UNSC on sanctions. All such licence requests are evaluated and processed by the Central Bank of Cyprus.

The Ministry of Finance's advisory body on financial sanctions is the competent authority for the notification of the granting of a licence or the intention to grant a licence, and of the approval of a request or the intention to approve a request, with respect to the release of funds and financial resources.

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