[3][4] The sale, valued at US$200 million and caused tensions with Turkey, which threatened to blockade the island to stop delivery and did not rule out military action.

[6] Despite objections from some quarters, Russian Foreign Minister Yevgeny Primakov stated in February 1998 that Russia was intent on delivering the missiles to the Cypriots and noted that they are defensive weapons.

The unilateral decision by the European Union in March 2013 imposing a levy on Cypriot bank accounts to finance its bailout fund was angrily received by representatives of the Russian state.

Based on previous negotiations with the EU, it was expected that Russia extends its five-year loan obligations towards Cyprus but the recent EU fiscal regulations, which heavily weigh on Russian assets in Cyprus, will likely affect Moscow's decision on restructuring its loan to the island nation.

whereas Cypriot exports have fallen by an average of 2.13% p.a..[10] Cyprus offers the benefits of English common law, which businesses often consider to be more flexible when drawing up contracts.

One of the suspects, Christopher R. Metsos, was detained on June 29, 2010[16] while he was attempting to depart from Cyprus for Budapest, but he was released on bail and then disappeared.

The Guardian wrote that "his disappearance has highlighted Cyprus's close ties to Russia, and the potential that Moscow helped him escape from the Mediterranean island".