Cyprus, a Mediterranean hotspot for rich Russians, has reportedly retracted 21 'golden passports' linked to sanctioned oligarchs

• Cyprus retracted the passports of 4 Russian oligarchs and 17 dependents, a local outlet reported.
• Last week, Ukrainian President Zelenskyy urged Cyprus to end its "golden passport" benefits.

Cyprus has retracted a total of 21 "golden passports" linked to sanctioned Russian oligarchs, In-Cyprus, a local news outlet owned by Phileleftheros Media, reported Wednesday.

This would strip the dual citizenship of billionaire Russian businessmen Alexander Ponomarenko, Vadim Nikolaevich Moskovic, Mikhail Gutseriev, and Alexei Kuzmichev, as well as the passports of 17 dependents, the report says.

The Cyprus press office did not immediately respond to Insider's request to comment.

The move comes nearly a week after a video conference held between the Cyprus parliament and Ukrainian President Volodymyr Zelenskyy. During the call, Zelenskyy urged officials to close off the island's ports to Russian ships and end its dual-citizenship program, Reuters reported.

Cyprus, a hotspot for wealthy Russian tourists and investors, stopped accepting new "golden passport" applicants in 2020 after an undercover investigation led by Al Jazeera revealed corruption within its vetting process.

The program previously granted citizenship to foreigners who invested at least $2.2 million in the country. Between 2007 and 2020, this provided 2,886 Russian nationals with dual citizenship, per Reuters.

Russian investment in the country reached over $100 million in 2020, making it Cyprus' top source of foreign direct investment, according to data published by the Central Bank of Cyprus.

Golden passport programs across Europe have come under heightened scrutiny following Russia's invasion of Ukraine, as critics say they provide a financial safe haven for sanctioned individuals and their families.

In Turkey, wealthy Russians are buying up to four apartment at a time to qualify for dual citizenship, Gül Gül, CEO of Istanbul based real-estate company Golden Sign, told Insider.

Russian buyers accounted for 70% of her company's real estate sales in March, Gül said, adding that she views the recent investment in Turkey as a "positive contribution" to the local economy.

Meanwhile, the EU has asked all member countries offering citizenship or residence for investment schemes to end the programs and strip the citizenship of individuals linked to the Kremlin.

"European values are not for sale," Didier Reynders, the Commissioner for Justice and Consumers, said during a speech in late March. "We consider that the sale of citizenship through 'golden passports' is illegal under EU law and poses serious risks to our security. It opens the door to corruption, money laundering and tax avoidance."