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Russian Money In Cyprus Hit By Savings Seizure

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy Omniscient Member

Ron Burgundy

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Russian President Vladimir Putin listens to Kirill Dmitriev, not pictured, CEO of the Russian Direct Investment Fund, in his residence Novo-Ogaryovo, outside Moscow on Monday, March 18, 2013. The spokesman for Vladimir Putin says the Russian president is strongly critical of a plan to levy a tax on depositors in Cyprus. Russian companies have an estimated US$19 billion in Cypriot bank accounts. (AP Photo/RIA-Novosti, Mikhail Klimentyev, Presidential Press Service)MOSCOW (AP) — Cyprus has for decades been a favorite place for Russian businessmen to place their savings and for corrupt Russian officials to stash ill-gotten gains. Like all deposits in Cyprus, that money is expected to be taxed as part of a bailout deal that Cyprus is receiving from its fellow members in the eurozone.




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