Cyprus Confidential

A new investigation by ICIJ and 68 media partners exposes the sprawling financial industry that has powered the Putin regime as it dominates its neighbors — and undermines the West.

In this investigation

Wide shot overlooking azure coastline and marina full of yachts.

partner stories

An oligarch’s chef-turned-personal assistant, a Moroccan casino mystery, and more Cyprus Confidential stories from ICIJ’s partners

More than 270 journalists around the world collaborated on ICIJ’s latest investigation — here’s some of what they found in a trove of millions of leaked documents.

By Carmen Molina Acosta | December 6, 2023

IMPACT

FBI called in to help Cyprus investigate Russian sanctions dodging

The U.S. has deployed a team of experts to aid Cypriot authorities' response to ICIJ's Cyprus Confidential investigation, which exposed a rogue financial system serving the Russian elite.

By Spencer Woodman | December 4, 2023

Auditors

A US billionaire took over a tropical island pension fund — then hundreds of millions of dollars allegedly went missing

With help from PwC Cyprus, Hushang Ansary set up shell companies and oversaw a series of transactions that authorities say drained a Curacao fund holding pensions for 30,000 people.

By Spencer Woodman | November 20, 2023

About Cyprus Confidential

Watch: Cyprus Confidential, a global investigation

A new investigation from ICIJ and 68 media partners exposes the island’s role in shielding Russian wealth.

Featured investigations

Auditors

A US billionaire took over a tropical island pension fund — then hundreds of millions of dollars allegedly went missing

With help from PwC Cyprus, Hushang Ansary set up shell companies and oversaw a series of transactions that authorities say drained a Curacao fund holding pensions for 30,000 people.

By Spencer Woodman | Nov 20, 2023

FAQS

Frequently asked questions about the Cyprus Confidential investigation

Where did the Cyprus Confidential data come from? How does the size of the leak compare with previous ICIJ investigations? Why Cyprus? These questions and more, answered.

By Eve Sampson | Nov 15, 2023

Cyprus

Cyprus firm helped a Putin ally move $5 million the day he was sanctioned

Luxury cars, Harvard tuition and an English country estate: What U.K. authorities say oligarch Petr Aven sought to protect as Russia invaded Ukraine.

By Matei Rosca | Nov 15, 2023

An apartment building sinking into a pile of cash

REAL ESTATE

Oligarchs’ fixer made fortune from New York apartment building

Anonymous foreign investors are reshaping the U.S. real estate market — and tenants are feeling the squeeze.

By Spencer Woodman | Nov 15, 2023

SYRIA

A pariah regime used a Cyprus middleman in bid to evade oil-industry sanctions

Inside Syria’s secret talks to buy forbidden U.S. equipment vital to the Assad government’s survival.

By David Kenner | Nov 15, 2023

SPYWARE

The spy, the lawyer and their global surveillance empire

How an Israeli cyber-surveillance kingpin and his attorney ex-wife exploited Cypriot loopholes to build one of the world’s most notorious spyware firms.

By David Kenner | Nov 15, 2023

PRESIDENT'S WALLET

German journalist dubbed the ‘Putin connoisseur’ had secret book deal with Russian oligarch

ICIJ partners reveal that Hubert Seipel — known for his unusual access to the Russian president — agreed to receive around $700,000 from a shell company tied to steel tycoon Alexey Mordashov.

By Scilla Alecci | Nov 14, 2023

OVERVIEW

Cyprus ignores Russian atrocities, Western sanctions to shield vast wealth of Putin allies

ICIJ-led investigation Cyprus Confidential reveals how the EU member state powered the Kremlin’s financial machine, moving vast sums for oligarchs, including after Russia’s 2022 Ukraine invasion.

By Neil Weinberg | Nov 14, 2023

Photo illustration of a tank with Russian flag against a background of document and currency cut-outs

SANCTIONS

As sanctions loomed, accounting giant PwC scrambled to keep powerful Russians a step ahead

The Big Four firm has served dozens of oligarchs through its Cyprus branch, undermining global efforts to punish Putin's allies and stymie support for Russia's war machine.

By Spencer Woodman | Nov 14, 2023

Oligarchs’ Oasis

Confidential Clients

Cyprus Confidential reveals the indispensable role the Mediterranean island plays in helping oligarchs move and hide their wealth.

By Antonio Cucho Gamboa | Nov 14, 2023

CYPRUS CONFIDENTIAL

About the Cyprus Confidential investigation

An ICIJ-led investigation exposes how Cyprus firms provided services to help key backers of Russian President Vladimir Putin’s regime shelter their wealth and then, as Russia invaded Ukraine, hide billions of dollars in assets from the threat of sanctions.

By Fergus Shiel | Nov 14, 2023

EUROPE

How Cyprus rose to become the beating heart of the Putin regime’s shadow financial system

Russia dominated the island’s banking system under the watch of the European Union.

By Dean Starkman | Nov 14, 2023

AUDITORS

Beyond Cyprus, PwC has weathered a decade of global probes and scandals

The global accounting and auditing firm has featured in multiple ICIJ investigations, as well as legal and ethical dustups around the world.

By Michael Hudson | Nov 14, 2023

SECRECY BROKERS