The United States and Cyprus said Tuesday they’re formalizing their collaboration in fighting money laundering, sanctions evasion and other financial crimes with an agreement offering Cypriot law enforcement authorities U.S. expertise.

CYPRUS FREEZES $1.3B IN RUSSIAN-OWNED ASSETS

The FBI and Cypriot police will sign an agreement in the coming days that includes the U.S. Department of Justice offering help to "proactively detect, investigate and prosecute cases involving financial crimes" in Cyprus, according to a joint statement.

Cypriot President Nikos Christodoulides last year invited FBI and Justice Department officials to assist with investigations into allegations that Cypriot financial service providers had helped Russian oligarchs skirt international sanctions.

Although Cyprus has insisted it has abided by international sanctions imposed on Russia following its 2022 invasion of Ukraine, the U.S. has targeted several Cypriot-based companies, lawyers and accountants for allegedly assisting in dodging the sanctions.