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Cyprus shows RF banking system more reliable than EU banks – First Deputy Prime Minister

March 25, 2013, 15:00 UTC+3

“What is going on – it’s a good message to those who are willing to transfer their capitals to Russian jurisdiction," Igor Shuvalov said

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GORKI, March 25 (Itar-Tass) – The situation in Cyprus has shown that the Russian banking system is more reliable than many European banks, Russian First Deputy Prime Minister Igor Shuvalov told reporters after the discussion of the Cyprus issue with Prime Minister Dmitry Medvedev on Monday.

“None of the investors should think that the EU has 100-percent ownership right,” he said. “What is going on – it’s a good message to those who are willing to transfer their capitals to Russian jurisdiction. The Russian banking system is inherently more reliable than many European banks.”

Referring to Russian funds that are invested in Cypriot banks, the RF first deputy prime minister said that they should be divided into two parts: the first - is the negative side, that is, the money that was taken out of the Russian economy and from which no taxes were paid. The second – are legal financial resources on deposits in Cypriot banks. “We believe that part of these funds is entirely negligible, and most of the funds are officially, with the use of the law and jurisdiction of Cyprus for the avoidance of double taxation, are deposited in Cyprus’ banks. This legal structure is used in order to minimise on legal grounds the taxation in the settlement of certain transactions,” Shuvalov said.

According to him, the Russian authorities “have no exact registry of losses of Russian investors in Cyprus.” “We only are aware which of these investors are holders of accounts in the Russian Commercial Bank and confirm that there is neither grey nor dirty money in this bank,” Shuvalov promised.

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