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.Stamouli is a correspondent with Politico based in Athens covering Greece, Cyprus, and the Balkans.