Remaining Western firms face tricky Russian exits
After months of negotiations, Finland’s Nokian Tyres (TYRES.HE) was on the cusp late last year of finalising a 400-million-euro ($440.32 million) sale of its Russian business. Then Moscow changed ...
Cyprus to restore its reputation after latest sanctions, Christodoulides says
Cyprus’ top priority is securing the country’s credibility and reputation as a financial center, taking all necessary steps to deal with the US and UK sanctions, President Nikos Christodoulides ...
From Russia with gold – UAE cashes in as sanctions bite
The United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia’s more traditional export routes, Russian customs records show.
The ...
House commerce committee wants EU help for sanctions-hit businesses
Cyprus must assert itself with a strong voice to the EU in a bid to mitigate the effects of sanctions to businesses on the island, chairman of the House commerce ...
Cyprus credibility being judged abroad says AG
Cyprus must be cautious on the matter of sanctions as the country’s credibility is being judged abroad, Attorney General Georgios Savvides told reporters on Tuesday.
Asked what the situation ...
Reaction to sanctions hit economy harder than sanctions themselves
Comments on and reaction to UK and US sanctions hit Cyprus’ economy harder than the sanctions themselves, chairman of the Cyprus Bar Association Christos Clerides said on Monday.
“When I ...
Our View: Government’s stance on sanctions is commendable
Speaking on state radio on Friday morning about the US and UK sanctions, economics professor Marios Zachariades made a very valid point. He said there was either compliance or non-compliance ...
Handful of Cyprus-based companies on new US sanctions list (Updated)
A handful of Cyprus-based companies were among the 300 entities hit with US sanctions on Friday.
The three companies are Robarin Ltd, Aquila Capital Group, Huriya Private Cyprus Ltd. The list ...
Confusion over UK and US sanctions lists, President says nothing will be covered up (update 5)
After Cyprus breathed an initial sigh of relief on Friday over the UK’s and US’ latest round of sanctions, which did not appear to identify additional Cypriot individuals or ...
Registrar receives green light to review sanctioned companies
Registrar of Companies Irini Mylona on Friday morning said her office has been greenlighted to proceed with examination of applications for personnel replacements received from companies caught up in the ...
Police investigating three law firms for violating EU sanctions
By Andria Kades and Iole Damaskinos
Three law firms have been reported to the police over suspicions they have violated EU sanctions, the Cyprus Bar Association said on Thursday.
A ...
Sanctions leave Cyprus’ economy reeling
As Cyprus braces for an almost inevitable new wave of sanctions to hit soon, the government conceded on Wednesday the effect on Cyprus’ services sector has been detrimental.
The impact ...
Third list of sanctioned Cyprus companies expected Friday
A new list of natural and legal persons in Cyprus who will be subject to sanctions by the US and the UK is expected on Friday, it emerged on Tuesday.
...
Bank of Cyprus waits for SSM approval to lower mortgage rates
The Bank of Cyprus has prepared a proposal aimed at reducing lending rates, which has been submitted to the Central Bank of Cyprus, according to the group’s CEO Panicos ...
Bar association concerned over effects of US and UK sanctions
The Cyprus bar association said on Monday it is concerned about employees and companies affected by US and UK sanctions on entities that had dealings with Russia.
A report last ...
Second tranche of US sanctions data received (Updated)
Officials from the UK and the US will soon visit to provide additional information on the sanctions, President Nikos Christodoulides said on Friday as authorities received the second tranche of ...
Sanctions on Cypriot firms leave employees without pay
The employees of two Cypriot firms which were recently sanctioned by the UK, on Thursday sent an open letter decrying the effects that the freezing of these companies’ accounts has ...
Ignoring US and UK sanctions would be ‘catastrophic’ to Cyprus’ economy
Furore over AG’s absence from House committee
There has been no impact to Cyprus’ financial stability as a result of the sanctions, only to its international reputation, Central Bank ...
Government receives first batch of data on sanctioned entities, more expected (updated)
By Iole Damaskinos and Elias Hazou
President Nikos Christodoulides on Tuesday said the government has received the first batch of information on natural and legal persons included on the US ...
Moving away from the dollar: the impact of sanctions and technology
By Maria Demertzis
“Every night I ask myself why all countries have to base their trade on the dollar,” Brazil’s President Lula da Silva said in a 13 April speech ...
Cyprus’ reputation won’t be smeared says President after sanctions meeting
President Nikos Christodoulides vowed that Cyprus will do whatever is possible to prevent further damage to the country’s reputation, adding that no one will be protected if they are ...
Government to hold another meeting regarding sanctions
President Nikos Christodoulides is set to chair another meeting over the sanctions on Tuesday, broadening attendees to include professional bodies and regulators.
Set to take begin at 10.30am at the ...
Government on tenterhooks over sanctions evidence for Cypriot ‘financial fixers’
Cyprus may have joined the EU and pledged its allegiance to the West but the latest sanctions by the US and UK have once again brought unwelcome attention to the ...
More sanctions to come, president says
Cyprus will not allow its reputation to be tarnished, President Nikos Christodoulides said on Sunday, suggesting there would be more individuals and companies that might be sanctioned.
Already, the country ...