Cyprus removes citizenship from Russian oligarch

RUSSIA / FSU POLITICS - In Brief 27 Nov 2019 by Alex Teddy
On November 26 it was announced that Russian billionaire Oleg Deripaska has had his Cypriot citizenship revoked. Deripaska owns an aluminium company which was subject to US sanctions. The sanctions have been eased off over the past year.In 2013 Cyprus began a citizenship by investment scheme. Citizenship cost USD 2.2 million. Almost 4 000 people have obtained citizenship this way and almost half of them are Russian. Cyprus now acknowledges the scheme was fraught with problems.

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