NICOSIA, Cyprus (AP) — A top aide to Cyprus' president resigned on Monday after an online video was posted recently, strongly suggesting that he and others used their close ties to the leader to earn favors for would-be investors in exchange for cash.

President Nikos Christodoulides said in a written statement that he has accepted the resignation of Charalambos Charalambous — the director of his presidential office and brother-in-law — in what he called an act of “self-confidence and trust” that the allegations are untrue.

“The departure of Mr. Charalambous, who is distinguished by his work ethic, character and integrity, constitutes a loss of a valuable aide during our great effort to upgrade our country,” Christodoulides said.

Charalambous had earlier posted on Facebook that he would never allow his job in government to be “converted into a tool of manipulation to harm the Cyprus Republic and the President.” He called his appearance in the video a product of “deliberate distortions” and of “selective editing” aimed at manufacturing false and misleading conclusions.

The video posted on social media last week features Charalambous, a former energy minister and the chief executive of a major construction company boasting about their close relationship to the president and securing foreign investments as if to suggest influence peddling.

It also claims that Christodoulides exceeded a 1 million-euro ($1.16 million) campaign funding cap by taking off-the-books cash donations for his 2023 presidential run.

The most damning allegation is that the Cypriot government would work to block EU sanctions against Russian oligarchs in exchange for corporate cash.

Cypriot authorities had called the video a malicious disinformation attack bearing “all the hallmarks” of previous Russian campaigns against other countries. An initial Cyprus Security Services analysis said the 8½-minute video exhibits “the characteristics of organized Russian disinformation campaigns” known as Doppelganger similar to a 2021 Russian online operation against other EU countries, the U.S. and Israel.

The video surfaced a week after Cyprus — a staunch supporter of Ukrainian President Volodymyr Zelenskyy — assumed the EU's rotating presidency, rousing suspicions among Cypriot officials about its intentions.

Christodoulides on Monday said that the 27-nation bloc had warned the Cypriot government that it could be the target of such “hybrid” attacks during its EU presidency. He said that EU members and other third countries are assisting Cypriot authorities in their investigation into the video.

Despite this, opposition parties were scathing in their criticism of the president and his government, saying the video has reenlivened past allegations of rife government corruption.