Cyprus companies to list on Russian exchanges

Cyprus based companies may list on Russian stock exchanges according to a deal signed between VTB Group and the Cyprus Stock Exchange during the meeting between President Dmitry Medvedev and Cypriot President Dimitris Christofias in Moscow. 

“When we take into account that most Cypriot companies own Russian assets, what we're really talking about here is developing our stock market in the context of global financial markets, which is a very important step,” VTB CEO Andrei Kostin said during the signing ceremony in the Kremlin.
Kostin however, declined to name companies that might apply to sell depositary receipts in Russia under the memorandum of understanding. 

Investments booked through Cyprus into Russia amounted to $16.44 bln, or 21.7% of the total $75.8 bln during the first nine months of 2008. The Netherlands was the second largest with an 18% share of the total, followed by Luxembourg.
Investments into Russia booked through Cyprus amounted to $49.6 bln in 2007 of which 60% was direct investment.