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Following the conclusion of the deliberations of the 8th meeting of the Cyprus-Russia Intergovernmental Committee for Economic Cooperation, an important Protocol of Cooperation between the two countries was approved and initialed, aiming, inter alia, in further enhancing and developing the bilateral relations in various fields. The Protocol was signed during the official visit of the President of the Republic in Russia, on 25 February 2015.
During the deliberations of the Intergovernmental Committee, which was established on the basis of the Memorandum of Principles of Economic Cooperation signed in October 1992, the economic situation in Cyprus and Russia was reviewed, as well as the so-far cooperation between the two countries. The Protocol aimed at close cooperation in the fields of economy, commerce, industry, energy, transportations, agriculture and livestock, tourism and culture, education, research and investments.