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You're reading: Deutsche Welle: Russian and Ukrainian oligarchs stung by Cypriot bank tax

Russian elites are dismayed at the EU's newest condition for Cypriot bailout funds: taxes on standard bank accounts. Like regular Cypriots, oligarchs with billions invested in the island might have to pay.

Russia's elite are angry. Cyprus's plan to seize deposits is "unfair, unprofessional and dangerous," said Russian President Vladimir Putin's spokesperson Monday (18.03.2013). Russian Prime Minister Dmitry Medvedev added fuel to the fire. "This simply looks like the confiscation of other people's money," he said. 

Events in Cyprus also affected Moscow’s stock exchange, as shares from two major Russian banks – VTB and Sberbank – dropped roughly five percent when trading started. According to media reports, both banks are said to have more than $10 billion (7.7 billion euros) stashed in deposits in Cyprus. 

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