Sanctions’ small impact on Cyprus

Sanctions’ small impact on Cyprus

Central Bank of Cyprus Governor Constantinos Herodotou said on Friday that the sanctions against Russian individuals and companies have not had a significant impact on the Cypriot economy so far.

Asked whether Cyprus is expecting a new list of sanction targets from London and Washington, Herodotou said, “We have no information as the central bank. As announced already, the banks of Cyprus have directly applied the sanctions that came out recently, as well as previous sanctions, because it is important to be lawful with European and other relevant legislation.”

Having just met with President Nicos Christodoulides, he noted that “the president of the Republic told me this is also an opportunity for our country to show goodwill but also to clear and improve the name of Cyprus. The central bank has always acted in a way that would enhance both the stability and ownership of the country’s banking sector.”

When asked if the sanctions will have an impact on the economy, he noted that “so far, at the level of the country’s economy, they will not have a significant impact. I cannot make a prediction about what future sanctions may arise to give an opinion on future impact.”

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