Russia

Russian Government Will Not Help Russians Who Lost Money Because of Cyprus Bailout Deal

Those with over 100,000 euros in Cypriot banks could lose up to 60 percent of their deposits

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(Reuters)—The Russian government will not aid businesses that have lost money in Cyprus, First Deputy Prime Minister Igor Shuvalov said, underscoring Moscow's resolve to clamp down on the flight of capital to offshore financial centers.

Major account holders, many of them Russian, will lose up to 60 percent of their deposits over 100,000 euros ($128,400) at Cyprus's largest bank under a European Union bailout to save the Mediterranean island from bankruptcy.