Arab Today, arab today russian deposits of 20bn face cyprus tax
Last Updated : GMT 18:00:08
Arab Today, arab today
Arab Today, arab today

Russian deposits of $20bn face Cyprus tax

Arab Today, arab today

Arab Today, arab today Russian deposits of $20bn face Cyprus tax

Nicosia - AFP

The controversial proposed tax on savings in Cyprus looks set to hit Russian pockets hard -- with experts estimating that Russian deposits in Cypriot banks amount to at least $20 billion. "Confidence in Cyprus as a safe place to deposit money is going to be reduced to zero," Anatoly Aksakov of the Russian association of regional banks told Interfax news agency. As a condition for a desperately-needed 10-billion-euro ($13 billion) bailout for Cyprus, fellow eurozone countries and international creditors Saturday imposed a levy on all deposits in the island's banks. Deposits of more than 100,000 euros will be hit with a 9.9 percent charge, while under that threshold the levy drops to 6.75 percent. Aksakov said the amount of Russian money likely to be affected was $20 billion (15.4 billion euros), while the Russian edition of Forbes magazine gave much higher estimates. Forbes said on its website that ratings agency Moody's last year estimated the holdings of Russian businesses in Cyprus at $19 billion euros), with another $12 billion held there by Russian banks. Forbes also cites other press estimates which place the personal deposits of Russians in Cyprus between eight billion and 35 billion euros. "Russians have lost up to 3.5 billion euros in one day," an editorial on the site read. "The news of a 10 percent tax on deposits in Cypriot banks has sown panic among the richest Russian businessmen." According to Interfax, the regional banking association's vice president Alexander Khandruiev has suggested that Russia negotiate a deal with Cyprus to reduce, or even eliminate the tax in return for further financial aid. Cypriot Finance Minister Michalis Sarris is due in Moscow this week. In 2011 Russia lent Cyprus 2.5 billion euros. Nicosia requested a further bailout of five billion euros, which Moscow declined, deeming it the EU's responsibility to find a solution to the island's financial woes. In February, Russian Finance Minister Anton Silanov raised the possibility of further financial help by easing the terms of the 2011 loan.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian deposits of 20bn face cyprus tax Arab Today, arab today russian deposits of 20bn face cyprus tax

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday