Cyprus has started the process of stripping citizenship from four Russian billionaires and 17 members of their families.
The president of Cyprus, Nikos Anastasiadis, has acknowledged that the government decided to deprive four Russian nationals of their citizenship, but did not reveal their names.
However, local media reports on April 13, quoting sources, identified the four as Mikhail Gutseriyev, Aleksandr Ponomarenko, Vadim Moshkovich, and Aleksei Kuzmichyov.
The move comes after the European Union imposed sanctions on them over Russia's ongoing unprovoked invasion of Ukraine.
The four oligarchs and members of their families received Cypriot citizenship through a so-called Golden Passport program that allowed investors to obtain passports of the EU member.
Before Russia launched its war against Ukraine on February 24, Forbes estimated the joint assets of the four tycoons at around $15.6 billion.
The Golden Passport program was closed in Cyprus amid corruption allegations in October 2020.
According to Reuters, almost 6,800 foreigners have used the Golden Passport program to get Cypriot citizenship, of which almost 2,900 were Russian nationals.