The Shift of Cyprus's Banking System Towards the US and Reduced Ties with Russia
February 3, 2025
The Cypriot banking system has shifted from cooperation with Russia to alignment with the United States. Ties with Russian capital have sharply declined since 2013, resulting in a near disappearance of remittances from high-risk countries. In contrast, international businesses, particularly in technology, health, and shipping, are helping to restore economic balance. Cyprus is gradually being recognized as a pillar of stability in the region.