RUSSIAN residents have expressed solidarity with Cyprus in the wake of Parliament’s ‘no’ to the troika on a bailout deal.
According to Russian entrepreneur and editor of Russian community website sevodnya.com, Irina Bykova, Cypriot’s “show of strength” inside and outside parliament on Tuesday endeared them to their Russian counterparts.
“Russians don’t want to leave the island, they feel safe here, and so they are waiting to see what decisions will be made both in Nicosia and Moscow in the coming days,” she said.
Bykova confirmed that many businessmen from Russia had arrived on the island, with many on their private jets, now parked at Larnaca airport. They came to speak with their accountants, lawyers and consultants but until the banks re-open and a concrete decision is made by the government they will have to be patient. “These businessmen need to be informed as soon as possible about what the government plans to do in order to reassure them that their money is safe and that there is no need for them to move their money,” she said.
Bykova believes that a minority of less-rich Russian businessmen will move their deposits elsewhere regardless of any positive news on the bailout deal. “Any move will be based on panic and emotion and you cannot do anything about it now after the initial reports about a haircut on deposits,” she said.
Russian interest in the current situation has escalated with Tuesday night’s House Plenary in Nicosia being televised in Russia. “Russians are constantly monitoring the situation online and through the television with yesterday’s session in parliament going out live and translated in Russian,” Bykova said.
She claimed that allegations that Cyprus is a haven for money-laundering were wide of the mark. “This is not the nineties and any dirty money that came to the island is no longer here as all businesses need to supply documentation which confirms the legality of money transfers and transactions,” Bykova added.
No Russian companies have requested to terminate their business on the island according to corporate service provider for Russian companies in Cyprus, Natalia Patsalidou. “Many of the companies were waiting to see what parliament would decide and after MPs voted against the haircut they are all waiting to see what will happen next,” she said.
Patsalidou is sure that businesses will leave the island but that the majority will stay despite any austerity measures that will be implemented. “Cyprus is a paradise, there is no other jurisdiction like Cyprus and for that reason even though there are other countries with favourable conditions, none offer the same attractions as Cyprus,” she added.
Cyprus Mail