page_title: Cyprus–Russia relations
section_title: Economic relations
hierarchical_section_title: Cyprus–Russia relations / Economic relations
caption_attribution_description: Русский: Российско-кипрские переговоры.English: Russian-Cypriot talks.
context_page_description: Cypriot–Russian relations refers to bilateral foreign relations between the Republic of Cyprus and the Russian Federation. The USSR established diplomatic relations with the newly independent Republic of Cyprus on 18 August 1960. Cooperation between both countries has increased since the 1990s and the fall of the USSR. Cyprus has an embassy in Moscow and Russia has an embassy in Nicosia.
context_section_description: Cyprus is officially the third largest foreign investor in the Russian economy; most of foreign direct investments from Cyprus are in fact, Russian capitals hidden offshore for tax and legal protection purposes.
  The cooperation with other Russian regions - Tatarstan, St.Petersburg, Krasnodar Region develops steadily. On March 22, 2005 the Memorandum on Cooperation between the Ministry of Trade and Economic Cooperation of the Republic of Tatarstan and the Ministry of Commerce, Industry and Tourism of the Republic of Cyprus was signed.
  The unilateral decision by the European Union in March 2013 imposing a levy on Cypriot bank accounts to finance its bailout fund was angrily received by representatives of the Russian state. Based on previous negotiations with the EU, it was expected that Russia extends its five-year loan obligations towards Cyprus but the recent EU fiscal regulations, which heavily weigh on Russian assets in Cyprus, will likely affect Moscow’s decision on restructuring its loan to the island nation.
caption: Russian-Cypriot talks.
exif: {}