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Russian govt ready to consider publicly addresses from Russian companies affected in Cyprus

April 01, 2013, 3:28 UTC+3

"But it is absolutely not compulsory to help the Republic of Cyprus,” Shuvalov underlined

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MOSCOW, April 1 (Itar-Tass) – The Russian government is ready to consider in public any addresses from the Russian companies, which were affected in a major financial crisis in Cyprus, if relevant addresses are made, Russian First Deputy Prime Minister Igor Shuvalov said in the program Sunday Evening on the television channel Rossiya 1.

“As for the money, which is deposited in Cyprus, the money of Russian citizens, it is different monetary funds. In particular, the taxes were not paid from some of these monetary funds, and the taxes were paid from some other monetary funds, so, this is quite different capitals,” he said. “It is regretful if someone is exposed and loses money at these two largest Cypriot banks,” Shuvalov noted. “But the Russian government will not undertake anything in this situation,” Shuvalov remarked.

“If someone sustains serious losses, particularly the companies with the state stake, if some concrete situation emerges, we are ready to consider it here in Russia. But it is absolutely not compulsory to help the Republic of Cyprus,” the Russian first deputy prime minister underlined.

The holders of the bank deposits (both physical and legal persons) at the Bank of Cyprus that exceed 100,000 euros can lose over 60% of their monetary funds as a result of the restructuring of this largest Cypriot crediting organization. This became obvious after on March 30 the parameters of the agreement between the Cypriot authorities and the Troika of international creditors (the European Commission, the European Central Bank and the International Monetary Fund) were made public. The agreement envisages the sanitation of the main Cypriot banks.

The restructuring of the Bank of Cyprus and the transfer of the assets of the second largest Cypriot national bank, which will be liquidated then, under its management are made on the demands from the European Union and the International Monetary Fund in a swap for the anti-crisis program to the tune of 10 billion euros to the country.


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