19.8 C
Tuesday, October 3, 2023

Russian invasion of Ukraine – Cyprus is feeling the effects of the crisis

Must read




The strengthening of economic sanctions against Russia creates a very demanding environment for the Cypriot economy.

The closure of European airports to Russian airlines “extinguishes” one-fifth of Cypriot tourism, the expulsion of state-owned Russian banks from SWIFT causes problems in doing business with Russia and inflationary pressures are expected to intensify due to rising oil and gas prices. food, in the latter due to rising grain prices. Rising grain prices are also affecting feed prices and, consequently, the cost of meat and dairy products.


The immediate problem concerns tourism. The Minister of Transport, Giannis Karousos, stated that for this year the passenger traffic (arrivals-departures) from Russia was expected to amount to 1.3 million passengers and 400,000 from Ukraine and would constitute 15% of the total traffic. Mr. Karousos noted that these arrivals should be considered lost. Two important markets are missing. He estimated the cost at 1.5% -2% of GDP.

Today, the Deputy Minister of Tourism, Savvas Perdios, will have met with representatives of the tourism sector to examine the situation and, above all, to seek new markets to fill the gap. Russian tourists choose the area of ​​free Famagusta and the most affluent luxury hotels in Limassol. Arrivals from Russia accounted for 20% of the total and last year the Russian market made a decisive contribution to the recovery of Cypriot tourism.

The closure of Cyprus airspace for aircraft flying from Russian airports (Russia has imposed a similar restriction on aircraft from 36 countries, including Cyprus) is already being felt. On Monday, three passenger flights scheduled to fly from Russia to Cyprus airports were canceled, as well as a private flight. The airlines currently operating flights from Russia to Cyprus (and vice versa) are Aeroflot, S7, Popeda (a subsidiary of Aeroflot), Ural and Cyprus Airways. According to the representative of the managing company of Hermes Airports, Chrysta Ntzani, this week, from February 28 to March 6, a total of 21 flights are scheduled from Russia to Larnaca and Paphos airports.

< i> More about the issue in the printed version of “P” and for its subscribers CITIZEN PREMIUM the digital version of the newspaper in PDF at the same time with its daily print circulation from 05.00 in the morning.

& nbsp;

& nbsp;

LIVE: Russia-Ukraine talks completed & # 8211; Zelensky signs application for Ukraine to join EU

& nbsp;

& nbsp;

Sberbank Europe collapses due to significant outflow of deposits

Source: politis.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article