Russia Condemns Cyprus' New Bank Tax

Russian business leaders and government officials will suffer financially from Cyprus' impending bailout, which will complicate Moscow's ongoing anti-corruption campaign. On March 18, they angrily condemned Cyprus for imposing a tax on depositors as part of a negotiated bailout agreement with the European Union. Russian President Vladimir Putin reportedly called the new tax unfair, unprofessional and dangerous. Prime Minister Dmitri Medvedev said the measure was a confiscation of other people's money, while Russian billionaire Mikhail Prokhorov said that Europe has set a dangerous precedent in encroaching on the sanctity of private property. Finance Minister Anton Siluanov has stated that Russia is reconsidering whether to extend the loan agreement it has with Cyprus because of the tax; Nicosia has been trying to get the agreement extended from 2016 to 2020. The condemnations prompted Cypriot Finance Minister Michalis Sarris to depart for Moscow on March 19.