The Republic of Cyprus ratified the 2007 Nairobi International Convention on the Removal of Wrecks (the Nairobi Convention) on 22 July 2015.  The Nairobi Convention will enter into force for the Republic of Cyprus on 22 October 2015. Accordingly, ships of 300GT or more which fly the Cyprus flag or call at Cyprus ports/offshore facilities after 22 October 2015 are required to have a Certificate attesting that insurance or other financial security is in place in accordance with the Nairobi Convention. Failure to do so will result in criminal and administrative sanctions (fine, prohibition of sailing, refusal of access to a port). 

Cyprus has issued the Circular No.27/2015 announcing its accession of the Nairobi Convention and information on the Certificate.  The Circular can be viewed via this link:

http://www.mcw.gov.cy/mcw/dms/dms.nsf/All/F9EB15B5B35935A3C2257E9D0043547A/$file/27-2015%20(10-08-2015).pdf