Trends and Issues in Economic Relations of Cyprus and Russia

Abstract

Relations between the USSR and the Republic of Cyprus have been maintained since 18 August 1960, and on 7 April 1992, Cyprus recognised Russia as the legal successor of the Soviet Union. Since then, the relations between the two countries in economic, political and cultural spheres have been actively developing. This study will analyse the economic relations between Russia and Cyprus at the present time, both in the macro, as well as in the company levels. On the one hand, Russia and Cyprus remain important partners for the mutual development of national economies, while on the other hand, there is a significant outflow of Russian capital from Cyprus, which can be described as a new negative trend in bilateral cooperation.