World Bulletin / News Desk
The Turkish Republic of Northern Cyprus (TRNC) may economically benefit from Russia's sanctions on food imports from the European Union, a well-known Turkish Cypriot columnist has said, noting that Russia will be looking for alternative sources of food.
Writing for Kibris Postasi, columnist Akay Cemal claimed that part of Russia’s needs in agricultural products and fruits may be met by the TRNC, after Russia's announcement of counter-sanctions against the EU in response to EU sanctions against Russia for its occupation of Crimea from Ukraine.
The TRNC, which is unrecognized by any country except for Turkey, is unable to export any of its home-grown goods due to international embargoes. Turkish Cypriot producers looking to trade with the global market are usually left with no choice but to do so via the internationally recognized Greek Cypriot-controlled zone in the south, which is part of the EU.
Despite being recognized by Turkey, high prices in the TRNC often makes imports from the TRNC unprofitable for markets in Turkey.
However, according to Cyprus Mail, Russian sanctions on EU products will mean that Greek Cypriot citrus farmers will lose out on about €10.7 million in profits, particularly in an exclusive variation of orange called mandora, which is used in Russia to produce juice.
Greek Cypriot Farmers’ Union EKA general secretary Panicos Hambas last week said that the Russian sanctions on the Greek Cypriot export of citrus fruits could lead Turkish Cypriot farmers to export their own fruits to Russia via Turkey.
Due to the fact that Turkey is not in the EU, Turkey will not be affected by the Russian sanctions. In fact, Turkey expects to see an increase of exports to Russia to fulfill the demand. As a result, the TRNC may be able to supply the Russian market with mandora oranges if Turkish Cypriot farmers get them branded as products of Turkey.
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.
Italian company Enel will invest 18 billion euro for renewable energy sources in Africa.
Azerbaijani president said in a statement that Southern Gas Corridor project will supply neighboring and European countries for a 100 years
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.