Support The Moscow Times!

Cyprus Not Blacklisted Anymore

NICOSIA — Russia removed Cyprus from a blacklist of countries in which Moscow discourages investment, the Cypriot Finance Ministry said Wednesday, a development it hopes will help in bailout negotiations with international creditors.

The ministry said the decision will help the country attract investment from Russia and burnish its reputation as an international business center.

Cyprus, one of the 17 European Union countries that use the euro, has come under fire as a money laundering hub for Russian oligarchs, especially in Germany, where some lawmakers have voiced opposition to a $13.3 billion rescue of Cyprus' banks, which took massive losses on Greek debt.

The island nation has enough cash to pay public-sector salaries until March and wants a deal with its euro partners as soon as possible.

(AP)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.