Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Cypriot Minister in Moscow for Bailout Talks

Lavrov, Kozakou-Marcoullis smiling during their negotiations on Russian financial aid to Cyprus on Wednesday. Maxim Shemetov

Cyprus’ foreign minister denied Wednesday that her country was offering Russia a military base in exchange for a 5 billion euro ($6.1 billion) bailout to help stave off the Mediterranean island’s acute fiscal problems.

A delegation from the Cypriot government is currently in Moscow for talks regarding the official request made earlier this month for a credit line from the Kremlin.

"There's no way that's going to happen," said Cypriot Foreign Minister Erato Kozakou-Marcoullis when asked about the possibility of a permanent Russian naval presence on the island's southern coast following a meeting with her Russian counterpart Sergei Lavrov, RIA-Novosti reported.

Cyprus, which currently holds the rotating presidency of the European Union, has also requested 13 billion euros from the European financial decision-making "troika" of the International Monetary Fund, the European Central Bank and the European Commission.

The two requests for aid were made simultaneously by Cyprus. The European response will be considered after Russia has made a decision, the head of the Finance Ministry's department for state debt Konstantin Vyshkovsky said earlier this month.

Russia traditionally has a close relationship with Cyprus, which is the location of choice for thousands of offshore companies controlled by Russian businessmen and a holiday for hordes of Russian tourists.

Kozakou-Marcoullis announced Wednesday that Cyprus was opening three new consulates in Russia: in Yekaterinburg, Samara and Krasnodar.

The Russian government extended 2.5 billion euros of debt to Cyprus last year in an earlier tranche of financial assistance.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more