Russia sees Cyprus as a strategic foothold in the Middle East and is attempting to deeply embed itself in the island’s political and economic processes.
President Volodymyr Zelensky has said that Cyprus’s presidency of the Council of the European Union, which will begin in January 2026, could be historic in terms of opening negotiation clusters for Ukraine.
In Kyiv’s Mykhailivska Square, the Presidents of Ukraine and Cyprus — Volodymyr Zelensky and Nikos Christodoulides – honored the memory of fallen Ukrainian defenders.
President Volodymyr Zelensky accepted the letters of credence from the newly appointed Ambassadors of Cyprus, Latvia, and Pakistan and held separate discussions with each of them on the most important areas of cooperation.
Cyprus plays an important role in concealing the wealth of Russian oligarchs even after the outbreak of a full-scale war against Ukraine. At the same time, the European Central Bank (ECB) does not have sufficient leverage to control the Cypriot banking system.
President of Ukraine Volodymyr Zelensky enacted the decision of the National Security and Defense Council of Ukraine (NSDC) to impose sanctions against 18 legal entities registered in Cyprus, Moscow and Luxembourg.
Cyprus has cracked down on individuals and entities who, according to the U.S. and Britain, have been helping Russian oligarchs circumvent sanctions introduced over Russia’s war against Ukraine.