Britannia Radio

Russia will revise ties with Cyprus over bank savings levy – Medvedev

Russian Prime Minister Dmitry Medvedev on Monday called a proposed tax on bank deposits in Cyprus as part of a EU bailout deal a move akin to confiscation.

"We should say this directly: this simply looks like the confiscation of other people's money," Russian news agencies quoted Medvedev as saying. "I do not know who the author of this idea is, but this is what it looks like."

Medvedev also called the proposed tax doubtful and anti-market and warned Cyprus of a possible change in bilateral relations.
http://english.ruvr.ru/2013_03_18/Russia-will-revise-ties-with-Cyprus-over-bank-savings-levy-Medvedev/

Medvedev attacks Cyprus bank deposit levy
http://www.thestandard.com.hk/breaking_news_detail.asp?id=33467

Putin Lambasts Cyprus Bank Tax
http://www.forbes.com/sites/kenrapoza/2013/03/18/putin-lambasts-cyprus-bank-tax/

Putin hits out at ‘dangerous’ Cyprus bank deposit levy 
http://www.theglobeandmail.com/report-on-business/international-business/european-business/putin-hits-out-at-dangerous-cyprus-bank-deposit-levy/article9869765/?cmpid=rss1

Russia wants future involvement on Cyprus after "dangerous" levy

Russians account for much of the billions of euros held in Cypriot banks by foreign depositors and its banks are heavily exposed to the island.

As part of a package of support for Cyprus, EU officials expect Russia to extend its existing loan by five years and refinance terms.

But Moscow was frustrated that it was not consulted on the levy proposal.

"We had an agreement with colleagues from the euro zone that we'd coordinate our actions (on Cyprus)," Finance Minister Anton Siluanov told Reuters.

"So, we will consider the issue of restructuring of the loan taking into account our (future) participation in the coordinated actions with the European Union to help Cyprus."
http://www.reuters.com/article/2013/03/18/us-russia-cyprus-idUSBRE92H0D920130318