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Cyprus as a refuge for Russian croissants

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Our island is already being touted as an option for Russian business entities , if they have not been targeted, they feel threatened after the measures have been taken.

The case of the giant company in the field of Fix Price is typical. It is a chain of discount stores holding 4,000 premises in Russia and the countries of the former Soviet Union, such as Belarus, Kazakhstan and Uzbekistan.

Out of ελέγχου British control

The heaviest sanctions that have been imposed in Britain on Russian businessmen and companies since February 22, led the owners of Fix Price to the decision to move their company from the British Virgin Islands to Cyprus.

Last Monday, its officials made a relevant decision, announcing the next day that they thought that in this way the interests of Fix Price would be safeguarded. Although its owners have not further analyzed their decision, it is clear that they want to get out of control of Britain and its specific colony in the Caribbean, as well as possible sanctions against it.

The list of sanctions

As is well known, the United Kingdom, according to statements by the British Prime Minister Boris Johnson, is ready to toughen its stance on Russia, if the latter does not change its stance after the military invasion of Ukraine.

It is indicative that last Tuesday the list of British sanctions, as it was published on a government website, was extended. It now includes the names of 195 Russian businessmen and 65 companies. They have been “frozen in assets”.

For the above reasons, Fix Price is in a hurry to avoid being included in the relevant list. According to the decision of its shareholders, it will find a new home in Cyprus by changing its corporate name. According to reports in the Russian and international electronic press, he has already applied to the competent authority of the British Caribbean Colony (BVI) for deletion.

Application for a name in Cyprus

At the same time, and always according to the mentioned publications, the possibility of its registration in the Registrar of Companies of Cyprus has been investigated and from next April it will be able to operate normally on Cypriot territory.

Fix Price is expected to be contracted with its subsidiary already registered with the Cyprus Registrar of Companies, Kolmaz Holdings Ltd. In this way it will simplify its structure and change the name of Fix Price Group PLC. It will operate as a public limited liability company.

Requests have already been submitted to the Registrar of Companies for registration of the names “FIX PRICE GROUP LTD” and “FIX PRICE GROUP (CYPRUS) LTD”.

Cut ties with VTB

The owners of Fix Price immediately after the British sanctions have taken other immediate steps to safeguard the interests of their company. As they announced, they terminated their cooperation with VTB. On the basis of the settlement they had made with it, the bank had management rights in the company's markets.

VTB Bank saw its assets frozen in Britain, following a decision by the government last Thursday, February 24th. The financial institution, according to an official announcement, “works closely with the Russian government and has received significant financial support from it.”

“Safe harbor”

For about seven days now, Russian experts have even been providing online advice to Russian companies in order to register in Cyprus and avoid international sanctions, and although the Republic of Cyprus is participating in the closure of its airspace for Russian citizens, our island It is still considered investment safe for them.

A specially designed website, entitled “Safe Harbor: Business relocation and company formation in Cyprus”, gives advice for entrepreneurs.

The founder of the international law firm Korpus Prava, Artyom Pavleev and executive director of the YouReg.Tech platform, gives advice on how it is possible to register a Russian company in Cyprus under the new data.

On the website ” uploaded “and visual material, lasting 30 minutes, in which Pavleev appears to answer specialized questions.

It is noted that the Ministry of Energy, Trade and Industry, to which the Cyprus Registrar of Companies belongs, does not have available data on whether there is an increased interest in registering companies of Russian interests in Cyprus. This was reported by a competent person to “P”.

The president of Paphos FC

One of the two owners of Fix Price is known to the Cypriot public, mainly from his involvement in football events. The reason for Sergei Lomakin, who together with Roman Dubov, have taken over Paphos FC as investors. Lomakin and another businessman, Artem Kakhatrian, own 83% of Fix Price, which – according to a Bloomberg analysis on 05/03/2012 – equals $ 7.2 billion.

The 48-year-old naturalized A Cypriot from 2018, Sergei Lomakin, also occupied the research committee for the Cyprus Investment Program, which suggested that the possibility of revoking its naturalization be considered. The committee found that he had submitted false and/or misleading information. In the interim report that was completed in the spring of 2021, it was noted that “based on the data, there seems to be a question of naturalization deprivation in accordance with the Law on the Population Archive, as it concealed information from the Ministry of Interior. “According to information from MOKAS, he was accused in 2016 and entered the list of wanted persons in Russia for large-scale fraud and embezzlement ($ 123 million) before his exceptional naturalization.” Of course, it should be noted that the charges against him were later dropped.

Lomakin is also an investor in other football teams, such as FC Riga Latvia.

Source: politis.com.cy

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