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Russians leaving Cyprus 15

Fileleftheros writes Russians are gradually leaving Cyprus, as well as strict laws on money, the current competition with the income and other tourism routes left by Russian tourists visiting the South.

It was pointed out that after the collapse of the Soviet Union, Russian capital tended to flow into Southern Cyprus and this flow continued to increase and this flow was reversed with the EU membership in 2004 and the transition to Euro in 2008.

Based on the data of the Greek Central Bank that the Russian capital is leaving from Southern Cyprus, Russian deposits in the Greek banking sector, which was 21 billion 510 million Euros in 2012, fell to 6 billion 780 million Euros by the end of June this year.

The amount of Russian investment that has stopped since 2013 as a result of capital trimming is around EUR 5 billion.

In the tourism sector, revenues from Russian tourists fell by 7.2 percent in the first half of this year compared to the same period of 2018. The number of Russian tourists visiting Southern Cyprus in the first 7 months of 2019 decreased by 4.5 percent compared to the same period of the previous year and is 418 thousand 991.

The number of Russian tourists who visited Southern Cyprus 10 years ago was 180 thousand 962 ”.

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