Cyprus Mail

Russia’s economic woes may reduce tourist flow not companies, Parperis says

The rouble lost almost 50% of it's value since the beginning of the year (Photo: Free Photo)

By Stelios Orphanides

The economic downturn in Russia may have a negative direct impact on Cyprus’s economy through tourism, Theo Parperis, who is partner at Cyprus’s PriceWaterhouseCoopers, said.

Even if fewer tourists visit the island next year, in the long run, the number of Russians doing business in Cyprus would not drop but could rise further, he said.

The turbulence in the Russian economy caused by a combination of factors including sanctions imposed by the European Union and the United States over the country’s alleged involvement in the Ukrainian crisis -which Russia denies- and a weak rouble following an energy export revenue slump.

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