Russia’s Federal Antimonopoly Service approved of Ural Mining & Metallurgical Company’s petition for setting up a company called Ostenford Holdings Limited in Cyprus, Kommersant refers to its source in the company as saying.

According to the source, who is apparently well aware of the situation, some of the company’s assets have allegedly been offshored to Cyprus – the source does not know what assets these are and what the purpose of the offshoring transaction was. The Managing Partner of Korelsky & Partners says this is usually done for tax reduction reasons.

UMMC refused to provide any comments,’ says Kommersant.