During the meeting the results of the activity of the Association in 2015 as well as its plans for 2016 were discussed.

During his statement, Borys Humeniuk underlined that 2015 was successful year for Ukraine-Cyprus economic relations: we enjoyed the official visit of the President of the Republic of Cyprus Mr. Nicos Anastasiades to Ukraine, we had the next Cyprus-Ukraine Business Forum in Kyiv and the Governments of both countries had agreed the amendments to Cyprus-Ukraine Double Tax Treaty.

At the same time, the results of the bilateral trade showed us a negative dynamic of economic co-operation which could not satisfy both - Cyprus and Ukraine.

At the same time, temporary economic losses for Ukraine are not so high comparing to dealing with the direct aggression of Russia. The political pressure and economic sanctions imposed by the EU member-states including Cyprus should be reinforced until Russia stops undermining Ukraine's territorial integrity, sovereignty and independence and promotes a peaceful settlement of the crisis. Taking of this opportunity I would like to warn Cypriot business to abstain from possible visits of the occupied Donbas and Crimea which, for the moment, would be a violation of the Ukrainian and international law.

Long-standing aggressive actions of Russia on the territory of Ukraine as well as Russia’s support of illegal military formations in Donbas from the very beginning of the conflict severely violated international law and bilateral agreements between Ukraine and the Russian Federation. According to the UN data, 30 346 people have fallen victims of the Russian aggression in Donbas to this moment: more than 9 000 were killed and 21 000 wounded. The Government of Ukraine spends approximately USD 6 thousand per day in order to combat Russian aggression in the Eastern Ukraine. And, as we can see, it had a very negative impact on the development of economic relations between Ukraine and the EU member-states including Cyprus.

Ambassador highly appreciated and welcomed the initiative of the Association to arrange the next Ukraine-Cyprus Business Forum to be held in Nicosia on June 3, 2016.

He stressed that only together we will create all necessary preconditions for further development of mutually beneficial relations between Ukraine and Cyprus.