Cyprus Seeks Shipping Industry Help from EU Over Russia Sanctions

February 19, 2023

NICOSIA – European Union sanctions on Russia have driven Cyprus to look to the European Union to help its shipping industry, the third-largest in the 27 country bloc behind Greece and Malta.

Almost 20 percent of the fleet has left or removed its flags in the wake of the penalties imposed over the invasion of Ukraine, the island especially reliant on Russian businesses and interests.

Cyprus wants an automatic extensions of so-called tonnage tax systems – which come under EU state aid rules – as well as tonnage tax discounts for fleets with European and Ukrainian seafarers.

The government also wants better terms for EU operators in third jurisdictions, Shipping Minister Vassilios Demetriades told the news agency Reuters about dealing with the predicament.

Tonnage tax is a system where ship owners or operators can opt to pay an annual tax calculated on the basis of the carrying capacity of a ship rather than a profit. It is subject to reviews by the EU.

The EU looked at supporting the shipping industry during the sanctions implementation as a way to counterbalance the impact of a oil price cap on Russian crude shipments although Russian supplies are exempt.

“We have not received a negative answer, but an answer that shows that the commission is not ready, at this stage, to take measures,” Demetriades said as Cyprus is waiting for a response.

“We don’t pretend to know everything, but if a sector is challenged you expect to dedicate resources and think what measures should be brought to counterbalance negative consequences,” he told the news site.

Demetriades, who is expected to leave office at the end of this month following a general election that brought a new President, said he would advise his successor to deal with the matter as a priority.

“I believe we are also responsible to better communicate this need, and that’s why we have turned to other member states to share our concerns and make our voice stronger,” he said he recommended.


NICOSIA — The governments of eight European Union member states said Friday the situation in Syria should be re-evaluated to allow for the voluntary return of Syrian refugees back to their homeland.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


If an uninformed person had attended the Mitsotakis-Erdogan press conference a few days ago in Ankara, s/he could have come to the conclusion that the meeting was planned in order to discuss whether Hamas is a terrorist or a patriotic organization.

As part of a club documentary offering an inside view of his final days at Liverpool, Jurgen Klopp was asked by the filmmakers to stand alone on The Kop one afternoon and gaze out around Anfield.

ABU DHABI, United Arab Emirates (AP) — In 2018, Chad McGehee opened Side Hustle Brews and Spirits, an Abu Dhabi-branded brewery and distillery with funky camels on its cans and playful names familiar to anyone living in the United Arab Emirates.

THE HAGUE, Netherlands (AP) — Israel strongly denied charges of genocide on Friday, telling the United Nations’ top court it was doing everything it could to protect the civilian population during its military operation in Gaza.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.