The decision by world powers to lift sanctions against Iran after the isolated South Asian country complied with the terms of a July nuclear deal, offers Cyprus important opportunities which the island has to cautiously exploit.

The shipping sector, also affected by the sanctions as the prevented companies from selling naval equipment and other related services, may benefit from the lifting of the embargo, while Cyprus’s banking sector may take advantage of new opportunities by capitalising on its flexibility, the former chairman of the Cyprus Shipping Council Eugen Henning Adami said.