Eurogroup President Jeroen Dijsselbloem said that Moscow may be involved in the final bailout deal given the loan it had provided.
"We know that there are many account holders with a foreign background, [in Cyprus] and part of those are undoubtedly Russian. That plays a role [in a solution]," he said.
Policymakers have been less clear about the possibility of depositors in Cypriot banks losing money.
On Monday, Cyprus's finance minister made it clear he did not wish to impose losses on bank depositors.
EU Economic and Monetary Affairs Commissioner Olli Rehn said on Tuesday that under the terms of the emerging bailout, Cypriot government debt would not be restructured to impose losses on private creditors.