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Cyprus’ top diplomat has acknowledged that the island had long-standing ties with Russia but said the government has taken decisive action to dismantle those links following Russia’s full-scale invasion of Ukraine. The measures include closing tens of thousands of shell companies and bank accounts and overhauling economic and defense structures, according to an article by United24 Media.
Foreign Minister Konstantinos Kombos told reporters that while Cyprus historically had close connections to Russia, the war in Ukraine forced a “fundamental shift” in policy and enforcement. “We do not rely on Russian energy, unlike other EU member states, and we have joined the sanctions,” he added, highlighting the island’s move toward stronger pro-Western alignment.
The government has reportedly closed 42,728 shell companies and 125,782 bank accounts linked to Russian individuals and entities. Cyprus has also restructured aspects of its economy and banking sector to reduce vulnerabilities, particularly in the defense sector, signaling a broad effort to break with past patterns that once made the island a hub for Russian capital.
Deputy Minister for European Affairs Marilena Raouna framed Cyprus’ stance on Ukraine in the context of its own history. “When we talk about the importance of respecting territorial integrity, sovereignty, and independence, whether it concerns Ukraine or Denmark and Greenland, we say this from our own experience, because Cyprus has lived with the consequences of violations of international law for more than 50 years,” she said.
Experts say Russian influence in Cyprus runs deep, stemming from shared Orthodox faith, Soviet-era ties, and economic connections. While sanctions and government measures have reduced Russian populations in Limassol, some financial maneuvering by oligarchs and cultural links remain. The island continues to serve as a strategic gateway to the Middle East, giving Russia leverage even as the Cypriot government pushes for a Western-aligned course.
The announcement comes amid broader scrutiny of Russian activity on the island, including ongoing investigations following the recent death of a senior Russian embassy official in Nicosia.
