Cyprus is preparing for one of its most high-profile financial crime trials in recent years, after prosecutors filed a criminal indictment against former directors of a company tied to Russian billionaire Roman Abramovich’s luxury yacht empire. The case, involving an alleged €25 million tax evasion scheme, underscores both the complexity of offshore structures in the Mediterranean financial hub and the challenges authorities face in pursuing figures connected to sanctioned Russian oligarchs.

The indictment, filed by Cyprus’ tax commissioner Sotiris Markides, concerns Blue Ocean Management Limited (BOYM), a company established more than two decades ago to manage Abramovich’s fleet of superyachts. While Abramovich himself is not named in the case, investigators allege that Blue Ocean’s former directors orchestrated a fraudulent yacht-leasing business that enabled them to avoid paying tens of millions of euros in Value Added Tax (VAT) between 2005 and 2010.

The tax authority initially demanded €14 million from Blue Ocean in 2012, but the company fought the order in Cypriot courts for over a decade. Blue Ocean was formally dissolved in July 2023. However, earlier this summer, Cyprus secured a court order to reinstate the firm, paving the way for criminal charges. The sum allegedly owed has now swelled to €25 million, factoring in penalties, surcharges, and interest for non-payment.

Markides confirmed that the case was formally filed on Friday and scheduled for trial on October 9, 2025, in Limassol District Court. “The case involves directors of Blue Ocean who are charged with criminal offences based on VAT law,” he said. He declined to name the individuals indicted or detail the precise counts they face.

At the heart of the indictment is a scheme uncovered earlier this year by the Organized Crime and Corruption Reporting Project (OCCRP), in collaboration with the Bureau........

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