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Significance
This is the most significant upgrade in US-Cyprus relations since the ban was imposed in 1987, and marks a definitive shift for Cyprus from Russia to the West. However, the development has also sparked a reaction from Turkey.
Impacts
Cyprus's National Guard will gradually phase out Russian-made weapon systems and benefit from the opportunity to upgrade its capabilities.
As Cyprus draws further away from Russia, it may move closer to China lest it alienate a second permanent UN Security Council member.
Though Russian companies are closing in Limassol, an influx of Ukrainian refugees has pushed up demand for housing and rents.
Keywords:
Cyprus,
United States,
EUR,
EU,
NATO,
Russia,
Turkey,
Ukraine,
EE,
economy,
industry,
international relations,
politics,
social,
arms,
foreign policy,
gas,
sanctions,
security,
banking,
border conflict,
crime,
defence,
election,
foreign investment,
integration,
military,
nationality,
regulation,
shipping,
Fossil fuels
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2022
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