Joint actions of the Cyprus Bar Association and ICPAC

Joint actions of the Cyprus Bar Association and ICPAC

Joint action of the Cyprus Bar Association and the Institute of Certified Public Accountants on the problems that arise due to the restrictive measures against Russia

The intention and the will for united, coordinated actions were expressed by the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus on the occasion of the problems that arise due to the implementation of the framework of sanctions against Russia.

Contrary to the concerns expressed by both bodies regarding the direct and / or potential impact on our economy and especially in the field of professional services, the importance of taking joint initiatives was emphasized, in order to safeguard the well-understood interests of the Cyprus economy.

More specifically, it is found that the interpretation and practical application of these restrictive measures, cause shocks in the field of professional services, resulting in a number of important tasks. Therefore, there is an urgent need for an explanatory framework of instructions for the measures in question, by the competent state authorities or the EU, as ambiguities are created in the wording and reading of the regulations. In this regard, the 2 insstitutions have sent a joint letter to the Ministry of Foreign Affairs and the Ministry of Finance, stating the difficulties that arise due to the sanctions against Russia and emphasizing the timely taking of measures and the launch of effective actions.

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