EU leaders

A stormy 20 years or just a cloud?

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A stormy 20 years or just a cloud?

Cyprus joined the European Union 20 years ago and has benefitted from EU accession. However, reforms were slow and promises were not kept regarding resolving the island’s division. The ‘Cyprus problem’ gave in to fatigue, with European partners gradually losing interest. The country faced issues with customs controls at checkpoints and ‘golden passports’ becoming a major embarrassment. Cyprus politicians are now trying to rebuild a reputation as a trustworthy partner in the EU.

EU corporate tax ‘harmonisation’ reforms would be opposed, Harris says

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EU corporate tax ‘harmonisation’ reforms would be opposed, Harris says

Ireland does not support reforms of the European Union’s internal market that propose harmonization of national corporate tax rates.

US announces new sanctions on Iran after missile and drone strike on Israel

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US announces new sanctions on Iran after missile and drone strike on Israel

The United States announced new sanctions on Iran targeting its unarmed aerial vehicle production following its missile and drone strike on Israel. The sanctions targeted individuals and entities enabling Iran’s UAV production, as well as companies providing materials for steel production to Iran’s largest steel producer. Additionally, Iranian automaker Bahman Group subsidiaries were also designated for supporting Iran’s Islamic Revolutionary Guard Corps. Britain and the European Union also imposed sanctions on Iranian military organizations, individuals, and entities involved in Iran’s UAV and ballistic missile industries. The U.S. statement came after the Group of Seven industrial democracies and EU leaders decided to step up sanctions against Iran to prevent a wider conflict in the Middle East. Iran launched the April 13 attack in retaliation for Israel’s suspected strike on the Iranian consulate in Damascus, leading to threats of retaliation from Israel and a potential review of Iran’s “nuclear doctrine.”

President , ‘expects substantive EU support’

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President , ‘expects substantive EU support’

Cyprus expects substantive support from the EU in the face of soaring migrant flows. Cyprus is facing increasing flows of Syrian irregular migrants from Lebanon. EU competitiveness should be bolstered through the deepening of the EU single market.

EU leaders to demand sweeping competitiveness drive at summit

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EU leaders to demand sweeping competitiveness drive at summit

European Union leaders will call for decisive action on the bloc’s long-term competitiveness and global leadership during a summit next week. They will focus on economic challenges from geopolitical tensions, rivals’ subsidies, and the shift to green and digital technologies. The leaders will push for deepening the EU single market by 2025 and closing growth, productivity, and innovation gaps compared to rivals like China and the United States. They will also emphasize reducing barriers, creating a capital markets union, decarbonizing industry, investing in digital infrastructure, promoting AI, increasing labor market participation, open trade policies, and fostering innovation.

Seeking a new role in the region

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Seeking a new role in the region

After six months of Israeli airstrikes and ground operations in Gaza, countering the deadly October 7 Hamas attacks, EU leaders called for a cease-fire. The Palestinians in Gaza have been suffering from starvation, lack of medical supplies, and the harsh rule of Hamas militants, with hospitals and schools being constantly targeted. The Cypriot ‘Amalthia’ initiative has opened a maritime aid corridor to Gaza, with the first supply of food relief reaching the Palestinians and a second shipment ready. Air drops continue from Jordan, and efforts are ongoing to open more land border crossings from Egypt. Cyprus has a history of humanitarian relief efforts and has evacuated foreign nationals from Lebanon, Sudan, and helped end the siege of the Church of Nativity in Bethlehem in 2002. Cyprus has developed diplomatic channels and trust with neighboring countries, primarily focused on energy issues. The U.S. views Israel as a key ally in the region, while western powers tolerate Turkey’s actions, including its involvement in Syria and the Russia-Ukraine war. Cyprus has not invested in major defense purchases and lacks air and naval support to safeguard its Exclusive Economic Zone. Cyprus aims to remain proactive in regional matters, seeking full support from EU partners and western powers, aiming to lead in diplomatic and humanitarian initiatives without nepotism influencing appointments.

Russia warns Western banks of catastrophic consequences over asset confiscation

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Russia warns Western banks of catastrophic consequences over asset confiscation

The Kremlin warned of “catastrophic consequences” if the EU proceeds with plans to confiscate Russian assets. Western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets due to fears of costly litigation. EU leaders agreed to work on a plan to use up to 3 billion euros a year to supply arms to Ukraine, funded by the interest from these frozen assets. Kremlin spokesman Dmitry Peskov stated that the assets belong to their owners and warned of serious consequences for banks and the European economy if such expropriations occur.

Western banks warn of risks in EU plan to grab Russian assets, sources say

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Western banks warn of risks in EU plan to grab Russian assets, sources say

Western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets due to fears of costly litigation. EU leaders have agreed to work on a plan to use up to 3 billion euros a year to supply arms to Ukraine, funded by the interest from these assets. Banks are concerned about potential liability from Russia, the erosion of trust in the western banking system, and the legal implications of transferring money to Ukraine. Euroclear holds 190 billion euros of Russian central bank securities and cash, and more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles. The EU plan includes paying a fee to Euroclear and allowing it to retain 10% of the profits as a safeguard against litigation. Ninety percent of the seized cash would be used to buy arms for Ukraine, with the rest for recovery and reconstruction. The proposal has raised concerns about the legal risks for banks and the potential for prolonged international legal disputes.