No State Help to Russians Affected by Cyprus Crisis - Shuvalov

© RIA Novosti . Vladimir AstapkovichA Bank of Cyprus branch
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Russian authorities plan no support measures for citizens who might partially lose their funds deposited in crisis-stricken Cypriot banks, Russian First Deputy Prime Minister Igor Shuvalov said late on Sunday.

MOSCOW, April 1 (RIA Novosti) - Russian authorities plan no support measures for citizens who might partially lose their funds deposited in crisis-stricken Cypriot banks, Russian First Deputy Prime Minister Igor Shuvalov said late on Sunday.

"If there are people who lose their money deposited in these two largest banks, I’m sorry to say that the Russian government is not going to take any measures in connection with that,” he said during the Voskresny Vecher (Sunday Evening) TV show on Rossiya-1 state TV.

“However, if a state-owned company suffers serious losses, we will be ready to consider any specific case publicly and transparently here in Russia,” he said.

A new deal between Cyprus and international lenders from the European Union and the International Monetary Fund will force the holders of accounts of over 100,000 euros in the country’s two largest banks - Bank of Cyprus and Cyprus Popular Bank - to take losses that may amount to 40-80 percent of their deposits.

Moscow has repeatedly expressed its concern over Cypriot authorities’ plans to force losses on the holders of accounts at local banks where Russian companies and individuals reportedly hold over $30 billion - about a third of all deposits.

 

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