Cyprus and Russia: New Cooperation Agreement

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The Cyprus-Russia intergovernmental committee have recently signed a protocol presenting the possibilities to strengthen their cooperation. This will include information technology, medical services, industrial cooperation, innovation, transport and telecoms.

The Cypriot Finance Minister Harris Georgiades and the Russian Deputy Minister of Economic Development Alexey Gruzdev met in Nicosia to discuss the proposed economic cooperation. This was during the 10th summit of the Cyprus-Russia Intergovernmental Commission for Economic Cooperation. The meeting is notably in the lead up to the expected visit of the President Anastasiades to Moscow.

Following the signing of the protocol, Georgiades, stated that Russia is an “extremely important partner” for Cyprus as the protocol aims to broaden their relations and collaboration in all fields.

According to the Finance Minister, Cyprus exports consist mostly of services, tourism, financial services and transport which surpass EUR €1.3 billion. The Finance Minister also stated that Russia is a vital political partner for Cyprus.