Cyprus bailout: Putin says plan to levy tax on bank depositors is unjust
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Buy SPH photosMOSCOW (AP) - The spokesman for Vladimir Putin says the Russian president is strongly critical of a plan to levy a tax on depositors in Cyprus.
Russian companies have an estimated US$19 billion (S$23 billion) in Cypriot bank accounts. Russians have for years seen Cyprus as an investor-friendly jurisdiction with lax banking regulations and low taxes.
A proposed bailout of Cyprus's economy would impose taxes on bank deposits of up to 9.9 per cent.
Mr Putin's spokesman Dmitry Peskov said the president criticised the plan in a meeting with economic advisers.
