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Russia won’t aid citizens affected by Cypriot deposit tax

FXstreet.com (Barcelona) - Russian First Deputy Prime Minister Igor Shuvalov said that Moscow would not help companies and individuals with deposits in Cypriot banks, who face losses of as much as 60% under the controversial EU bailout.

“If someone gets stuck and loses money in those two biggest banks, that’s really too bad,” Shuvalov said in an interview for the Russian television Rossiya-1 TV. “But the Russian government isn’t planning to do anything in this case.”

He added however that Moscow could “publicly and transparently” examine specific cases of seriously affected companies in which the state holds shares. “But that absolutely doesn’t require any assistance to Cyprus,” he assured.

Russia has been closely following the latest crisis developments in Cyprus as its citizens are owners of the bulk of Cypriot foreign deposits. Igor Shuvalov signalized before that EU’s decision to tax private depositors would suggest that its banking sector is not as reliable as thought and could give a boost to the Russian financial institutions.

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