US and UK sanctions cause economic turmoil in Cyprus, reminiscent of 2013 crisis
The assets of Cypriot individuals and companies on the US and UK sanctions list, due to their collaboration with Russian oligarchs, have been frozen. The freeze has led to the market being impacted and the economy of southern Cyprus beginning to resemble that of 2013. The hundreds of companies with even the slightest connection to the Cypriot individuals and firms on the sanctions list have been "thrown into chaos", according to Alithia newspaper's headline "The Avalanche Effects of US and UK Sanctions."
The newspaper also highlighted that as the US sent its second data file to southern Cyprus yesterday, the third data file is expected to be sent before May 19th, which means the situation appears to be worsening. Furthermore, the newspaper noted that it is not known whether southern Cyprus will be included in the EU's 11th package of measures aimed at increasing the effectiveness of sanctions.
The newspaper, citing "reliable sources", reported that the market has started to freeze due to the frozen assets and accounts, and therefore the economy of southern Cyprus is beginning to resemble that of 2013. The report also noted that the southern Cyprus administration seems reluctant to collaborate with the private sector in making decisions and taking action or to assume responsibility.
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