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Cyprus is becoming less attractive to Russian business

Content type:: Expert Briefings
Location:: CYPRUS/RUSSIA
Keywords associated with this article:: Geographic: Cyprus Russia EUR EU OECD United States CYPRUS/RUSSIA

Topical: economy industry international relations politics banking foreign investment foreign trade regulation services corporate fiscal foreign policy growth judicial legislation property sanctions tourism
ISSN:: 2633-304X
Citation:: Oxford Analytica (2019), "Cyprus is becoming less attractive to Russian business", Expert Briefings.
https://doi.org/10.1108/OXAN-DB243374

Tuesday, April 23, 2019

Subject

The exodus of Russian capital from Cyprus.

Significance

Despite macroeconomic stabilisation after the 2012-13 banking crisis, Cyprus's economy remains vulnerable to external shocks. Its recovery is highly dependent on foreign demand. Traditionally close ties with Russia are under scrutiny and stricter anti-money-laundering and terrorist-financing laws are leading to deposit withdrawals.

Impacts

Political talk of closer Cypriot alignment with NATO will alienate Moscow and Russian investors.
A rising property market will boost Cypriot households’ real-estate wealth, increasing consumption.
More Russians taking up residence will influence domestic politics.

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