March 14 (Bloomberg) -- Russia’s former finance minister, Alexei Kudrin, said the country would probably participate in any European bailout of Cyprus.
“I hope that the European Union will take action to support Cyprus,” Kudrin said in an interview in London today. “Most likely -- this is my forecast -- Russia would take part in this support, but only within the framework of a plan put forward by the EU.”
Cypriot President Nicos Anastasiades told reporters in Brussels today he hopes “everybody’s going to be fair” as the country negotiates a rescue package with its euro-area partners and the International Monetary Fund. Russian bank loans to Cyprus-based companies of Russian origin totaled $30 billion to $40 billion at the end of last year, Moody’s Investors Service said in an e-mailed report yesterday.
“Those who keep their reserves in Cyprus’s banks may be hurt” depending “on the type of support that will be chosen for Cyprus,” Kudrin said.
Cyprus Finance Minister Michael Sarris will meet with his Russian counterpart Anton Siluanov in Moscow on March 18, state-run Cyprus News Agency reported yesterday, citing comments by Sarris.
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