The Embassy of Ukraine in Cyprus refuted claims that President Zelenskyy owns a casino resort in the occupied north, calling it a lie spread by Russian propaganda. The embassy emphasized that there is no evidence to support the allegations and warned against trusting unreliable sources and manipulations.
800 tourists remain in Cyprus awaiting news about their return home after Germany’s third largest tour operator, FTI Touristik GmbH, announced insolvency proceedings. The company cooperated with 160 hotels on the island, but the bankruptcy will not have a significant impact on the market. The stranded holidaymakers are covered by a special fund and will not need to pay more to return home. The German Foreign Ministry and the German Travel Security Fund will manage the repatriation and support of affected tourists.
Cyprus has investigated allegations that Ukrainian President Volodymyr Zelenskyy was involved in purchasing a casino resort in the occupied north but found no evidence to support the claims. The reports linking Zelenskyy to the offshore firm and the purchase of the Vuni Palace Hotel and Casino in Kyrenia were dismissed as fake news by the Russian “GnidaProject” research institute. The Cyprus Investigative Reporting Network (CIReN) also pointed out that the website used as a source for the allegations was fake, created just days before the claims were made.
The drop in crude oil prices is attributed to OPEC+ announcing a gradual plan to ease some of their oil production cuts.
Fact: Russia’s Finance Ministry has submitted legislation to reintroduce progressive taxes on personal income, with the progressive scale starting with annual incomes exceeding 2.4 million rubles (,100).
Germany and Europe are preparing for two significant events: the European Parliament elections and the UEFA EURO 2024 football tournament in Germany. The German Ambassador to Cyprus expressed concern about the rise of right-wing parties in the elections and emphasized Germany’s support for a solution to the Cyprus issue based on UN resolutions. Germany aims to host EURO 2024 as a symbol of cohesion in Europe, promoting sustainability, diversity, and inclusion. Germany also advocates for a strong and united EU, despite facing challenges like Putin’s war in Ukraine. The 2004 enlargement of the EU serves as a lesson on the importance of unity and speaking with one voice in foreign policy. Germany’s proposals for EU decision-making reform aim to ensure the Union remains capable of action. Germany is committed to supporting Cyprus in finding a comprehensive solution to the Cyprus issue, emphasizing the importance of confidence-building between Greek-Cypriot and Turkish-Cypriot communities.
Russia’s finance ministry proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles annually, as well as raising the mineral extraction tax for fertiliser and iron ore producers.
Two Cyprus-registered companies, IBEX Shipping and Azia Shipping, have been sanctioned by Japan for allegedly aiding Russia’s invasion of Ukraine. The sanctions target a total of 12 entities and individuals, including the two Cypriot firms, which are registered in central Nicosia. Japanese authorities believe these entities facilitated the arms trade between North Korea and Russia, strengthening Russia’s military capabilities and potentially supporting its war efforts in Ukraine.
Cyprus and Greece are pushing the European Union to prioritize its own defense industry in providing military aid to Ukraine. Despite an existing agreement allowing arms purchases from non-EU countries, the two countries argue that aid should benefit the European defense sector. Hungary is currently hindering the release of a €500 million package from the European Peace Facility intended for Ukraine’s military, citing concerns about discrimination against Hungarian companies in Ukraine as a reason for blocking the disbursement. Discussions are ongoing to bypass a potential Hungarian veto and expedite the flow of funds to Ukraine.
Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.