A Cypriot and two companies registered in Cyprus have been included in the latest list of sanctions imposed by the US against Russia, it emerged on Wednesday.

The US Treasury Department announced new sanctions on more than 300 individuals and entities to degrade Russia’s capability to pursue its war of aggression against Ukraine.

In OFAC’s (Office of Foreign Assets Control) updated list, Bulat Akhatovich Yanborisov, a Russian who also holds a Cyprus citizenship, is included.

According to a US Treasury Department press release, Russia-based Silk Way Rally Association holds an annual off-road rally race that the US-designated Russian Main Intelligence Directorate (GRU) uses as a front for intelligence operations.

The GRU has given awards to Bulat Akhatovich Yanborisov, the head of Silk Way, for his work. Bulat appears to use his properties in Europe as transit points for GRU officers. Bulat, who is Silk Way’s CEO and general director, alongside his son Amir Bulatovich Yanborisov, use Silk Way’s logistical infrastructure to procure anti-UAV and radioelectronic warfare equipment for use on the battlefield in Ukraine.

Also, the Cyprus registered companies Picotin Holdings Ltd and Sentimare Enterprises Ltd were also added to the list of sanctions. According to the US Department of State, the two companies are linked to Vladimir Olegovich Potanin, one of the wealthiest oligarchs in Russia, who formerly served as a Deputy Prime Minister for the Russian Federation.

Potanin has been in the sanctions’ list since December 2022. The Department is designating four Liechtenstein-based foundations, Paloma Foundation, Spero Foundation, Natwin Foundation, and Cafar Foundation, as well as two Cyprus-based entities, Sentimare Enterprises Ltd and Picotin Holdings Ltd and one UAE-based entity, Sentimare Me Ltd, connected to the scheme.

Given Potanin was previously the ultimate beneficial owner of Sentimare Enterprises Ltd and his minor children’s current equal ownership of the four foundations, US Department of State believes that Potanin retains control of the four foundations and thus the control of Sentimare Enterprises Ltd, that is controlled by the four foundations.

The statement added that Sentimare Me Ltd and Picotin Holdings Ltd are being designated for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Sentimare Enterprises Ltd, since they are both wholly owned by Sentimare Enterprises Ltd.