As it says in a statement, the reprehensible Russian invasion of Ukraine has brought about a chain of economic consequences confirmed by the price increases in fuel and basic necessities. Increases that have come on top of prices that were already rising as a result of the coronavirus pandemic.
"We are concerned that the Cypriot government has co-signed the sanctions against Russia without first safeguarding the interests of the Republic of Cyprus and receiving countervailing measures and support from the EU. The daily cancellations by Russian tourists, the increases in fuel, electricity and food prices are only the beginning of an economic recession that has already appeared."
He concludes by stressing that the government should immediately request additional financial support from the EU before the situation becomes irreversible.
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