Russia to gain more than it loses from Cyprus bank levy

Russia could ultimately benefit from Cyprus' introduction of a levy on bank deposits because it will make Russia's investment climate appear more stable, Deputy Prime Minister Igor Shuvalov said on Tuesday.
"It is a good chance for the Russian banking system to fight for new depositors, new clients. And demonstrate that our banking system is stable," he told reporters.
"For Russia, in the mid-term perspective, this (opens) good opportunities… Russia will gain more than it will lose. For Russia this is a chance to demonstrate its more predictable rules of treating investors."
Officials, including President Vladimir Putin, have strongly criticised Cyprus' plan to introduce a levy on bank deposits, which will impact Russian companies and individuals that hold billions of euros in Cypriot accounts.