Association of Russian Businessmen in Cyprus celebrates anniversary

On March 4, the Russian Embassy in Cyprus hosted a formal meeting and reception for the Association of Russian Businessmen in Cyprus (ARBC). The organization was founded on February 24, 1995, as one of the first public organizations for compatriots in the country. Historically, economic ties between the Soviet Union and Cyprus grew throughout the 1980s and 1990s. Notably, a branch of Vnesheconombank was established in Limassol in the late 1980s, marking the first offshore structure with 100% Soviet capital. Following the collapse of the Soviet Union, Russian businesses utilized Cyprus’s low-tax offshore sector and double taxation avoidance agreements. Factors such as geographical proximity, climate, and historical ties facilitated the development of these financial structures. The event focused on reflecting upon this long-standing bilateral business relationship.