Cyprus Bailout May Spare Russia’s Oligarchs, but Hurt Russian Companies

A planned bailout of Cyprus could turn Russia’s favorite offshore financial haven into hostile territory. Cyprus and its European creditors agreed early Monday to slap a tax of up to 40 percent on bank deposits over €100,000 ($130,000) and impose strict controls on capital leaving the island nation….

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Cyprus Bailout May Spare Russia’s Oligarchs, but Hurt Russian Companies