Sanctions imposed on Russia following its invasion of Ukraine will not severely impact the island’s banking sector, as it is not exposed to the Russian economy, said Finance Minister Constantinos Petrides. In comments to the Cyprus News Agency, Petrides said that the Russian Central bank currently has no reserves in Cyprus. “EU sanctions on Russia’s
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Motorists are warned to expect hefty spikes in petrol prices, as pump rates will go up another 10 to 15 cents per litre. With prices soaring, petrol stations owners warned on Wednesday that fuel prices would be further inflated in the next few weeks as the war in Ukraine feeds an energy crisis. In comments
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By Han Tan, Chief Market Analyst at Exinity Group Brent crude oil futures have broken above $110 for the first time since 2014 as OPEC+ prepares to discuss its production plans for April. The virtual OPEC+ meeting on Wednesday will be dominated by concerns over the threat of Russia’s oil exports being hit with sanctions.
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Cyprus has managed to evacuate 42 people, including Greeks and Cypriots, from war-torn Kyiv and get them safely to Romania and then to Greece. The Foreign Ministry said among those evacuated are Cyprus and Greece nationals, Ukrainians with close family ties with Cypriots, and other EU citizens, who asked for consular assistance from the Cyprus
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Russia’s war against Ukraine is a week old, but its consequences are already reverberating across the globe: it has upended international relations, left Moscow isolated, united a previously divided West, and raised the spectre of a nuclear standoff. Russia, a ‘pariah’ state Moscow’s offensive marks a turning point for the whole world. Above all, Russia’s
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Bitcoin, the world’s biggest cryptocurrency by market cap that saw its price jump 15% in a day, is likely to hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments, according to the CEO of a leading independent financial advisory and fintech. “In the past 24 hours, Bitcoin surged
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Cyprus reported the first coronavirus death for March on Tuesday, with daily cases dipping below 2,000 to 1,986, the rate of hospitalisations also dropping to 146 and 31 critical cases, down six from the previous day. The health ministry said in its Covid bulletin that the latest victim was an 82 year old man, raising
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Russian forces stepped up attacks on cities across Ukraine Tuesday and warned they would target security buildings in the capital Kyiv, as the West promised more devastating sanctions, and the UN appealed for $1.7 bln for urgent aid. As Moscow intensified its offensive six days since the invasion began, Ukraine’s second city, Kharkiv, said the
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Cyprus is confident it can still have a better tourism season than 2021, despite the war in Ukraine and sanctions imposed on its second-largest market, Russia. In comments to the Cyprus News Agency, Deputy Minister of Tourism Savvas Perdios said the possible loss of some 800,000 visitors from Russia and Ukraine could be covered by
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Cyprus’ banking system is on high alert after the Russian invasion of Ukraine, and the European Union’s financial sanctions on Moscow mean it must adapt business and investment plans to fend off negative impacts. The Cyprus Central Bank, as instructed by the European Central Bank (ECB), has urged domestic banks to comply with the EU
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