Cyprus’ tourism sector is not throwing in the towel in the aftermath of the war in Ukraine, and is pinning its hopes on alternative markets with the hope of maintaining holidaymakers at last year’s levels.

In its efforts to protect the most vulnerable from covid, the National Advisory Committee on vaccines and the Ministry of Health are recommending the following.

Lawyers, auditors, and accountants have taken a direct hit from the war in Ukraine and sanctions imposed on Russia, estimating revenues have shrunk 15% in the aftermath of the conflict.

Cyprus could lose 1.5% to 2% of its growth rate this year if the Cypriot airspace (under EU sanctions) to Russia remains closed for the whole of 2022, estimates the rating agency DBRS Morningstar, noting that despite the negative impact, the war in Ukraine will not derail the medium-term prospects of the Cypriot economy.

Qatar has found its way back to the green category on Cyprus’ safe travel list based on the country’s COVID-19 epidemiological risk.

The number of mobile phone users in Cyprus rose by 24,855 in the second half of 2021 compared with the same period in 2020, the Cyprus News Agency reported, citing figures from the OCECPR – the office of the commissioner for electronic communications and postal regulation.

Moody’s Investors Service has placed RCB Bank’s long-term ratings on review for downgrade, including its long-term deposit ratings, citing “higher credit risk associated with its Russian corporate exposures” on the backdrop of sanctions imposed on Moscow for invading Ukraine.

Standard and Poor’s rating agency downgraded RCB bank’s long-term issuer credit rating to B+ from BB- over the impact of its previous major shareholder, the Russian VTB, pulling out of the bank to shield its assets from Russia sanctions.

Although Cyprus recorded the largest annual increase in the ratio of government expenditure devoted to health to GDP among EU states in 2020, it still lags behind the EU27 average, according to figures released by Eurostat on Friday.

Finance Minister Constantinos Petrides said today that he is concerned about the rising prices of grain and energy and the possibility of 'stagflation', but excluded the possibility of the Cypriot economy slipping into recession.