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Petridis to ECOFIN: The Cypriot banking system has no significant effects from the sanctions against Russia

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There will be no significant effects on the Cypriot banking system from the financial sanctions against Russia, given the minimal exposure of the Cypriot banks to the Russian economy, as well as the significant reduction of Russian deposits in Cyprus, reiterated the Minister of Finance Konstantinos Petridis during the emergency telecast. EU Finance Minister's Council on Ukraine's developments in Ukraine.According to a statement from YPOIK, in his speech, Mr. Petridis also said that Cyprus has no exposure to Russian government bonds or other investments in the Russian economy.

He stressed, however, that the decision to close the of airspace of Cyprus for aircraft operated by Russian air carriers will negatively affect the Russian tourist flows to Cyprus, which represent a significant percentage of the annual tourist traffic.

Mr. Petridis also stressed the need for third countries to comply with the decisions on sanctions that have been taken, stating that possible non-compliance with the sanctions by EU candidate countries, such as Turkey, is inadmissible as it erodes the effectiveness of sanctions, while profits are made to the detriment of European economies enforcing sanctions.

In closing, YPOIK stated the decision of Cyprus to offer humanitarian aid to Ukraine but also its readiness to receive a number of Ukrainian refugees.

Direct blow to the Russian economy, risks in the EU from rising fuel prices and cereals

According to the Ministry of Foreign Affairs, it was mentioned in the teleconference that from the data so far it appears that the sanctions are causing a direct blow to the Russian economy.

As far as the EU is concerned, the effects vary from country to country with the main risks being rising inflation, and especially the prices of fuel and cereals that will hit European economies.

Coordinated agreement agreed monitoring the developments and the investigation of ways of dealing with it, concludes the Ministry of Finance.

Source: KYPE

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Source: politis.com.cy

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