Cyprus Fears Ruble Depreciation May Cut Tourist Flow From Russia

Amid sanctions imposed on Russia by the West and low oil prices, the ruble has lost approximately half its value against the dollar and the euro since mid-2014.

MOSCOW (Sputnik) — Cyprus fears that the depreciation of the Russian ruble will reduce the flow of tourists to the island, Christos Mavrellis, vice chairman of the board of directors of Cyprus Investment Promotion Agency, told RIA Novosti on Friday.

"The parity of the ruble towards [the] euro will inevitably affect Russian tourism into Cyprus," Mavrellis, who is also Cyprus' former finance minister, said.

He stressed that if the number of tourists decreased by 100,000 people, the Cypriot economy would suffer an estimated loss of 100 million euros ($112 million).

Mavrellis also noted that agriculture in the country may be hit by losses of between 15 and 20 million euros, which would also cause serious damage.

He said that Cyprus would make every effort to maintain the flow of Russian tourists to the country.

Mavrellis expressed hope that soon the sanctions imposed on Moscow by the West would be lifted, which would benefit not only the Russian economy, but also the economy of Cyprus.

According to the latest estimates from the Russian Federal Tourism Agency, over a period of nine months in 2014, Cyprus was ranked ninth among countries with the highest number of Russian tourists. More than 490,000 Russians visited Cyprus during that nine month period as tourists.