Cyprus has continued piling up hundreds of millions of dollars in shipping revenue despite loosening its connections to Russia, a big customer of its burgeoning maritime cluster.

An onslaught of 11 anti-Russia sanctions packages passed by the European Union, of which Cyprus is a member, has made no dent in the country’s maritime foreign currency earnings.

According to a semi-annual survey by the Central Bank of Cyprus, ship management revenues increased for the fourth consecutive semester in the second half of 2022 to a record €648m ($694m) — up 25% year on year.