“Russia and Cyprus have longstanding links because of the Orthodox Church and the fact that Cyprus was part of the nonaligned movement in the Cold War. It had a good non-double taxation treaty with the Soviet Union, which carried on after 1990, so that generated a lot of business after the breakup of the USSR. And [Cypriots] don't have the mistrust of Russia that NATO countries have. Already since 2013 Russians had moved away from the banks, gradually they moved out of professional services sector, then they moved out of real estate, now it's right across the board.”
31 May 2022
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