Cyprus post-programme monitoring to focus on sanctions on Russia and their impact

The sanctions against Russia following its invasion in Ukraine and the potential impact on the Cypriot economy will be one of the main issues to be discussed in the context of the 12th post-programme surveillance meetings between the Cypriot authorities and Cyprus’ creditors, the European Commission, the European Central and the IMF, that begin on Friday.

In a press release, the Finance Ministry said the contacts between the mission and Cypriot officials will be contacted virtually and will assess the state of play in Cyprus’ financial, fiscal and banking sectors, as well as broader issues such as the labour market and public health.

“Due to the prevailing extraordinary situation associated with the military invasion of Russia in Ukraine, the programme’s agenda will place special importance on the issue of Russian sanctions and their impact on the Cypriot economy,” the press release added.

Concluding, the ministry said it looks forward “to a very constructive discussion, hoping for one more positive review.”