Cyprus is losing some shipping business after the European Union imposed wide-ranging sanctions against Russia, but not to an extent that would jeopardise its role as a major ship management centre or flag state.

“Any loss for us will be manageable,” said Vassilios Demetriades, Cyprus’ cabinet member in charge of shipping, in an interview with TradeWinds during Posidonia on Wednesday.

The most conspicuous impact is the planned departure of Sovcomflot (SCF Group), which entertained offices in the country for about 30 years, having set up shop there right after the fall of communism.