Greece's minister of Migration and Asylum has stopped investment by residence visas for Russians from 28 February.
In a statement, the ministry said there would be a "suspension of issuance or renewal of residence permits for investment purposes for citizens of the Russian Federation until further notice".
It said: "By order of the Minister of Migration and Asylum, Mr. Notis Mitarachi, the issuance and renewal of residence permits of investment interest and purpose that are under consideration and come from citizens of the Russian Federation is suspended until further notice.
"In addition, the competent authorities will not accept new requests for the issuance of the aforementioned residence permits.
"At the same time, no applications for residence permits of the category "business executives" for citizens of the Russian Federation will be considered until further notice."
The ministry further added that "it should be noted that Greece is currently awaiting relevant EU decisions".
While an article in the Cyprus Mail highlighted how a significant part of the services sector relies on the activity of enterprises of Russian interests.
Foreign Direct Investment flows in 2020 hit €388.8bn, of which €101.9bn came from Russia. At the same time, the stock of outgoing FDI reached €399.3bn, of which €134.4bn went to Russia.
Russian deposits in Cyprus are estimated at €1bn.
