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Originally published April 1, 2013 at 4:03 AM | Page modified April 1, 2013 at 6:16 AM

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Moscow: no bailout for Russian savers on Cyprus

A senior Russian Cabinet member says his government won't protect Russian depositors who are losing money in Cyprus but may offer assistance to some Russian state companies.

The Associated Press

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MOSCOW —

A senior Russian Cabinet member says his government won't protect Russian depositors who are losing money in Cyprus but may offer assistance to some Russian state companies.

First Deputy Prime Minister Igor Shuvalov said in televised remarks that it would be a "great pity" if Russians lose their money in Cyprus, but added that the Cabinet won't take any action to soften the blow.

He added, however, that while his government sees no reason for offering any assistance to Cyprus, it may take unspecified action to help reduce the damage for Russian state companies.

Big depositors at Cyprus' largest bank, including some Russians, may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy.

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