EU Russian Sanctions Concern Cyprus
Cypriot Foreign Minister Ioannis Kasoulides is warning that the nation's financial associations with Russia may be destroyed, if the European Union administers a third segment of sanctions, regarding its role in the Ukrainian turmoil.
Currently Cyprus and Russia have approximately $100 billion dollars worth of investments together. According to Bloomberg News, Kasoulides claimed on Monday that a new standard of measures "...introduced in a blanket way, would have a catastrophic effect on Cyprus' economy and many other EU states".
Russia's largest investor is Cyprus, with $69 billion dollars in total since last year's end. Russia currently invests $33 billion dollars in Cyprus, due to its small taxes and a mandate that prohibits double taxation.
The Foreign Minister added that dialogue between Russia and the EU, "...must be kept open and the solution must be diplomatic". The European Union is examining methods to downsize dependance on Russian energy sources.
Kasoulides commented, "...this enhances the opportunities for Cyprus, but we still need to wait to see about Europe's plan for sourcing alternative supplies of energy so that we can adapt ourselves accordingly".
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