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Next Implications of the war on the Cypriot Economy HOME • INSIDER • CYPRUS • Implications of the war on the Cypriot Economy
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As a small and open economy, the Republic of Cyprus is particularly vulnerable to international crises, especially those involving capital flows. INSIDER in tomorrow's issue, through interviews and reports presents and analyzes the effects of the war in Ukraine on the medium-term economic prospects of the country in the field of services, trade, energy and tourism.
The Government Spokesman, Marios Pelekanos, sends reassuring messages, emphasizing that the Government has proved in previous crises that it intervenes with targeted measures, providing solutions. “The data in any case require vigilance, both at local and European level, in order to mitigate the expected impact. There are, in addition, the tools that can, through the collective decisions required, be used by the Member States of the European Union. “
For her part, Energy Minister Natasa Peleidou admits that the heavy consequences of the war in Ukraine are the spike in gas and oil prices on the world market. “Through the Government's strategy, both short-term and long-term measures are being implemented to deal with the effects. The compass of the Government's multidimensional energy strategy remains the dependence on fossil fuels and the transition to a green economy through the financing of households and businesses for a turn towards RES and savings, but also large projects such as energy storage systems and electricity. with neighboring countries “.
The former CEO of PwC Cyprus Eugenios Eugeniou notes that in recent years through the successive crises, the number of Russian companies based in Cyprus has gradually decreased. “In times of crisis in their country, as is happening now in Russia, entrepreneurs want to be present in another country with a safer and more stable environment. That is why, although in the short term or as long as this crisis lasts, there will be a reduction in their activities due to sanctions, I do not expect a mass exodus of companies, unless there is political pressure in this direction. If there is a reorganization and division of the international financial system, what will happen in the medium term is that it will become increasingly difficult for Russian-owned companies to operate from a country in the “rival economic camp”.