While expressing satisfaction with an agreement reached by EU leaders overnight for a sixth round of sanctions against Russia, Government Spokesman Marios Pelekanos also warned of their consequences.
“Given the need to maintain EU’s unity and continuity we salute this development… The Republic of Cyprus is pleased that important issues concerning Member States in relation to their economic viability have been considered,” Pelekanos said.
“Sanctions are an important policy tool in the hands of the European Union, and the relevant decisions should be informed by the guideline that the measures should be sustainable and have a much greater economic impact on the third countries to which they are addressed, than in the EU Member States,” he added.
After hours of struggle, EU leaders reached a compromise early Tuesday morning on Monday regarding the sixth package of sanctions against Russia.
The package includes a ban on almost 90 per cent of all Russian oil imports by the end of the year, the de-Swifting of Sbearbank, a ban on insurance and reinsurance of Russian ships by EU companies, a ban on the provision of business services to Russian companies and the suspension of three Russian state media outlets broadcasting in the EU.
“Agreement to ban export of Russian oil to the EU. This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine. Maximum pressure on Russia to end the war,” said the President of the European Council Charles Michel in a Twitter post.
Earlier this month, Finance Minister Constantinos Petrides warned we are close to seeing double digit inflation rates, noting that the oil embargo on Russia, the ban on Russian oil supplies and the transport of Russian energy will create more inflationary pressures.
“The essence of the sanctions is above all to inflict more cost to those who the sanctions are imposed on and not to you… unfortunately, some of the results we’ve seen in the sixth package but also some points in the fifth package, have deviated from the principle,” Petrides said.
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