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article imageRussia: 'Cyprus loans can be renegotiated'

By Edwin Gudzević     Mar 25, 2013 in Politics
The Russian Deputy Prime Minister Igor Shuvalov is clearly disappointed at Cyprus stopgap which means losses for Russian investors - and does not exclude that Russia's loans to Cyprus can be renegotiated.
''Cyprus ties with Russia will continue even though Russia has been disappointed by the financial restructuring that will lead to losses for Russian investors'', said the Cypriot Finance Minister Michael Sarris on Monday, according to Bloomberg News.
He said that he received mixed reactions during his trip to Russia in the last week, where he met Igor Shuvalov. Some Russians expressed disappointment while others stated that "we can work with you in good times and we will stay with you during difficult times", without giving details.
Russian Deputy Prime Minister Igor Shuvalov said on Monday that the country is awaiting details of Cyprus package before they will react, but right now it does not need any additional steps from Russia to Cyprus.
He further said that he did not rule out that the Russian loans to Cyprus could be renegotiated and that he is concerned that the Cyprus crisis puts the euro at stake.
Russia has no assessment of Russian losses in Cyprus, according to Igor Shuvalov who claims that the majority of Russian money in Cyprus has "legal" origin.
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