Cyprus news: Ukraine-related sanctions seen as “a joke” on Russian haven

According to an article with the headline “Russian haven” on “Cypriots say their island paradise, home to thousands of Russians seeking sun, tax benefits and an EU entry point, has not suffered from deteriorating relations between Moscow and the West and some have seen benefits.”

“When they talked about sanctions first we were very scared (of what it could mean for Cyprus), when we saw what they want, (we see) it is a joke,” said Phidias Pilides, president of the Cyprus Chamber of Commerce, which represents about 8,000 businesses. “It’s not just limited … these are just for appearance.”

“Some 40,000 Russians live in Cyprus out of a total population of 800,000. Many live in the port of Limassol, where shop and menu signs in Russian are common on the main seafront boulevard. There are three local Russian newspapers and children can attend a Russian school.”

The full article is here. Cyprus is ranked 41st on the Financial Secrecy Index


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