reading time: 2 min.

Sanctions ımpact maritime activities in the South

Sanctions ımpact maritime activities in the South

The pressure on Cypriot maritime activities, already under strain due to the sanctions imposed by the European Union (EU), has intensified further with the recent sanctions imposed by the United States and the United Kingdom. Meanwhile, it has been reported that China is emerging as an international maritime hub as it is not included in the list of countries subjected to sanctions.

Publish Date: 24/05/23 14:00
reading time: 2 min.
Sanctions ımpact maritime activities in the South
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In an article titled "Sanctions Exert Pressure on Maritime Industry," Politis highlights the significant impact of the sanctions on Cypriot maritime operations, particularly those imposed by the EU, US, and UK. Major companies have now developed dedicated departments to monitor and comply with sanctions, resulting in a substantial increase in compliance costs.

According to maritime sources mentioned in the report, while the sanctions moderately affect Cypriot maritime activities, the costs associated with compliance have skyrocketed. The recent British-American sanctions have notably affected Russian maritime companies with subsidiaries in Southern Cyprus, such as "FESCIO" and "SOIVCOMFLOT." In light of this situation, some European companies have opted to register in China to bypass the sanctions.

Marina Hacimanoli, the Deputy Director of Cypriot Maritime Affairs, revealed that as of July 2021, there were 1,752 vessels with a total gross tonnage of 25 million registered under the Cypriot flag. However, the number of vessels has decreased to 1,663, with a capacity of 22 million gross tons.

The article emphasizes that Southern Cyprus holds the third-largest flag in Europe and the 11th largest globally in the maritime sector. It further highlights that the industry contributes 7% to the Gross Domestic Product (GDP) of the country.

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