Cyprus Hopes EU-Russia Economic Relations, Trade to Be Normalized

Cypriot Finance Minister Harris Georgiades said that the relations between Cyprus and Russia are "excellent" with "equally strong economic ties."

MOSCOW (Sputnik) — Cyprus hopes that the economic ties between the European Union and Russia will be restored after being damaged by mutual sanctions, Cypriot Finance Minister Harris Georgiades told Sputnik on Thursday.

"Cyprus is a member of the EU and has an obligation to follow and implement common decisions. But we do hope that political developments will be such that will allow for a normalization of economic and trade relations between the EU and Russia," Georgiades said.

The minister added that the relations between Cyprus and Russia are "excellent" with "equally strong economic ties," drawing attention to the work of the Russian-Cypriot Intergovernmental Commission on Economic Cooperation and the Joint Working Group on Trade and Economic Cooperation within it as examples of successful cooperation in action.

In May, Сypriot President Nicos Anastasiades told Sputnik that the island nation had "excellent and very close" ties with Moscow, adding that Russian business investments into Cyprus’ economy contribute significantly to the economic growth of the country.

Cyprus has repeatedly spoken out against the European Union’s sanctions against Moscow. In May, Cypriot Minister of Energy, Commerce, Industry and Tourism Georgios Lakkotrypis told Sputnik that the restrictions had hit the country's agriculture and tourism sector.