Support The Moscow Times!

No Cyprus Loan Deal Yet

ISTANBUL — Russia has not yet agreed to extend the terms of its 2.5 billion euro ($3.2 billion) loan to Cyprus, Russia's deputy finance minister said on Saturday.

"There was a request ... to change the duration of the loan, we promised to think about it," Sergei Storchak told reporters, on the sidelines of the European Bank for Reconstruction and Development annual meeting, speaking through an interpreter.

"This was a kind of promise — if somebody wants to see it as a done deal, there is nothing I can do about it."

He added that any changes to the terms of the loan would need parliamentary ratification.

"For that to be a done deal, we need to have it on paper."

(Reuters)

Read more

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

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.