Sanctions on Russia and the impact on Cyprus
Cyprus, an EU member, has backed the bloc’s escalating sanctions against Russia in the wake of Putin’s invasion of Ukraine. Europe’s punitive measures have raised questions about how the sanctions will impact Cyprus’s economy. While Cyprus has gone a long way toward untying its bonds to Russia, officials acknowledge that sanctions will hurt parts of the Cypriot economy. Cyprus’s finance minister stated that Cyprus is disproportionately affected compared to other countries due to the structure of the economy and its reliance on Russian tourists, which make up some 20-25 percent of the tourist market. Nekatria Stamouli joins our host Thanos Davelis to discuss the impact sanctions on Russia will have on Cyprus.
Nekatria Stamouli is a correspondent with Politico based in Athens covering Greece, Cyprus, and the Balkans.
You can read Nektaria Stamouli’s latest piece in Politico here: Cyprus is losing its Russians — and confronting existential questions about its economy
You can read the articles we discuss on our podcast here:
Mitsotakis and Erdogan agree to improve ties amid Ukraine conflict