President announces receipt of first US sanctions list

The President of the Republic of Cyprus, Nikos Christodoulides, announced that Cypriot authorities have received the first package of information from the US regarding natural and legal persons included in the US sanctions list, with two more packages expected soon. Speaking at the 13th Nicosia Economic Congress, Christodoulides emphasized the importance of safeguarding and protecting the name and credibility of Cyprus as a business and financial center, particularly following the recent sanctions imposed by the US and the UK on Cypriot service providers. He added that it is imperative to approach the matter seriously to ensure no one tarnishes the name of Cyprus.

Christodoulides further noted that the Cyprus economy showed resilience and strong recovery in 2021 after the coronavirus crisis, with GDP increasing by 5.6% in 2022 in real terms, despite the difficult political climate caused by the illegal Russian invasion of Ukraine. Additionally, he announced that the government is in advanced consultations with some countries, and they expect to see some significant investments in Cyprus within 2023.

The President spoke about the National Recovery and Resilience Plan, which can lead to economic growth, namely a cumulative increase in GDP by about 3% in the short term and about 7% in the medium term until 2026, compared to the base growth scenario without its implementation. The plan is expected to increase employment by more than 2.5%, or about 11,000 new quality jobs, for the period 2021-2026 and about 6% in the long term. Christodoulides concluded that he is looking forward to working with all stakeholders, the private sector, as well as parliamentary parties to prevent any loss of valuable European resources.