Tension in Greece-Cyprus relations: the undersea electrical connection cable and the European Public Prosecutor's Office investigation

The investigation by the Public Prosecutor’s Office covers the period 2013-2023 and concerns the previous implementing body (EuroAsia Interconnector under Cypriot businessman Nasos Ktorides) but extends to the period when Greek power operator ADMIE came to the fore due to EuroAsia’s lack of credibility. The complaints concern the management of the 657 million euros of European funds earmarked for the project and naturally raise many questions about the criteria under which they were granted to an entity that, as a result, did not have the technical and financial capacity to carry out such a large project.

This development caught the Greek government off guard, as government sources declared ignorance of any relevant process. Christodoulides’ statement comes at a time when Athens is trying to manage the climate of tension created by the statements of the Cypriot Minister of Finance, Makis Keravnos, regarding the lack of viability of the project.

Government officials speak of a “double message” from Nicosia, as at the same time that CERA has approved the permitted revenue of 25 million euros and the Cypriot Minister of Energy, George Papanastasiou, appears positive, the Minister of Finance is openly questioning the feasibility of the project, citing studies that were never communicated to the Greek side.