Europe

Russians protest Cyprus savings levy

Russian citizens, with approximately $26bn in Cypriot banks, stand to lose millions to new bailout deal tax.
Last Modified: 19 Mar 2013 02:02

Some of the loudest protests against the proposal of a one-time levy on savings account holders in Cyprus to help ease the country's debt burden have come from Russia.

That is because Russian citizens have around $26bn invested in Cypriot banks.

The proposal for the levy is part of a 10bn euro ($12.95bn) EU bailout for the island country.
 
Al Jazeera's Robin Forestier-Walker reports from Moscow.

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Al Jazeera
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