Cyprus to clamp down as investigation reveals oligarchs moved assets after Ukraine invasion

Biggest ever leak of financial data from Cyprus raises concerns over EU state's role in managing Russian fortunes

Cyprus has vowed to tighten controls on its financial sector as an investigation published by the Guardian and its reporting partners reveals oligarchs transferred hundreds of millions in assets while sanctions loomed after the Russian invasion of Ukraine.

The role of the blue-chip accountants PwC Cyprus and other advisers in managing transactions as Vladimir Putin's forces launched their assault has emerged from Cyprus Confidential, a cache of 3.6m files leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany's Paper Trail Media, which shared access with the Guardian and other reporting partners.