Support The Moscow Times!

Concern Over Cyprus Bailout

Cyprus' request for a bailout has created a political headache for German Chancellor Angela Merkel because of concerns that wealthy Russians could be the chief beneficiaries, the weekly magazine Der Spiegel reported.

A report prepared by German intelligence agency BND on money laundering in Cyprus showed that those "who will profit most of all from the billions in European taxpayer funds: Russian oligarchs, businesspeople and mafiosi who have parked their illegal earnings in Cyprus," Der Spiegel reported.

BND found that Russian nationals hold some 21 billion euros ($26 billion), in Cypriot bank accounts, dwarfing the emergency aid the euro zone is likely to provide and the country's total national output of 17 billion euros.

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.