Image credits: Observer Research Foundation
The Republic of Cyprus is increasingly feeling the adverse effects of sanctions imposed on Russia by Western nations, according to Russian Ambassador to Cyprus Murat Zyazikov. Speaking to TASS, Zyazikov highlighted that the sanctions, which Cyprus has joined alongside other European Union countries, are beginning to hurt the Cypriot economy, particularly in sectors such as banking and hospitality.
Zyazikov pointed out that the sanctions initially intended to pressure Russia, have instead had significant negative repercussions for the economies of the countries enforcing them. He noted that the European Union itself has acknowledged that the sanctions have not achieved their intended goals and have instead backfired, inflicting economic damage on member states, including Cyprus. President Nikos Christodoulides of Cyprus recently echoed these sentiments in an interview, expressing concern over the impact of anti-Russian policies on the energy sector and the broader economy.
The Russian ambassador emphasized that Cyprus had long benefited from its relationship with Russia, which provided dividends for the island’s economy and employment opportunities for Cypriots. He remarked that the anti-Russian stance imposed on Nicosia by Brussels, Washington, and London is harming the business ties between Russia and Cyprus. Zyazikov cited the example of the tourism sector, which has suffered a significant blow due to the loss of over 800,000 Russian tourists, leading to an estimated shortfall of around one billion euros.
Zyazikov also addressed the broader implications of the sanctions on bilateral relations between Russia and Cyprus. Despite the challenges, he noted that there has been a steady increase in tourist flows from Russia to Cyprus, suggesting that people on the island are actively working to attract Russian visitors. He further mentioned that opinion polls in Cyprus indicate a strong preference for Russian investors, with Russians ranking just behind the European Union as the island’s priority investment partner.
The ambassador expressed confidence that the long-standing friendship between the peoples of Russia and Cyprus would endure, despite the current political tensions. He stressed that this friendship is built on deep historical, cultural, and spiritual ties, which he believes will remain intact regardless of external political pressures. Zyazikov concluded by expressing hope that Cyprus and Russia would eventually return to more constructive cooperation across all levels, preserving the decades-long foundation of their relations.