Russia - Cyprus: Shuvalov Says No Help for Russian Cyprus Account Holders- by Alexander Panin

The government will not intervene on behalf of Russians hit by a drastic restructuring of Cyprus' banking system, though it will consider specific cases involving state-linked companies, First Deputy Prime Minister Igor Shuvalov said.

"If somebody gets caught and loses money at the two largest banks, it's a shame, but the Russian government isn't going to do anything about it," Shuvalov said in a television interview on Sunday.
But the government will look into specific cases of companies with state ownership that took severe losses because of the failed Cypriot banking system, he added. It will be done openly and in Russia. "But it doesn't mean it is necessary to help the Republic of Cyprus," Shuvalov said.

Last week, the Eurogroup agreed on a 10 billion euro ($12.8 billion) bailout scheme for Cyprus' banks. In order to receive these funds, the second-largest financial institution in the country, Laiki Bank, will have to be shut down, and the largest lender, The Bank of Cyprus, restructured. 

Read more: Shuvalov Says No Help for Cyprus Account Holders | Business | The Moscow Times