Actual figure of Russian savings on Cyprus double that estimated

The actual figure of Russian savings (both private and state) in Cypriot banks is probably twice that estimated by international agencies, former deputy head of the Russian Central Bank Sergey Aleksashenko believes.

According to the recent reports, Russian savings on Cyprus constitute at least 20 billion euros.

Aleksasheko, who is currently the director for macroeconomic research at the Higher School of Economics, also notes that he sees no need for the Russian government to provide the Cypriot economy with a loan. The idea is now being discussed by Russian officials.