By Oksana Kobzeva
MOSCOW, March 22 The financial crisis in Cyprus
poses no systemic threat to the Russian banking system, a first
deputy chairman of Russia's central bank, Alexei Simanovsky,
said on Friday.
"I don't see any systemic or individual threat here,"
Simanovsky said, after the regulator conducted an
"express-analysis" of links between Russian banks and Cyprus.
Cyprus's finance minister left Moscow empty-handed on
Friday after Russia turned down appeals for aid, leaving the
island to strike a bailout deal with the European Union before
Tuesday or face the collapse of its financial system.
The Russian economy has a relatively low dependency on its
banking system, with the ratio of total assets to gross domestic
product ratio at 79.4 percent as of March 1, compared to over
100 percent in some developed countries.
After a proposed levy on bank deposits was rejected,
Cypriot lawmakers are looking into other measures to raise at
least part of 5.8 billion euros ($7.50 billion) required by the
European Union as a condition for Cyprus to secure a 10 billion
Cypriot authorities are calling to impose capital controls
to stem a flood of funds leaving the island when banks reopen,
which they are expected to do on Tuesday after a week-long
Ratings agency Fitch said on Thursday that Russian banks
could face significant operational risks only if the crisis was
prolonged and brokers and became reluctant to trade with
Russian banks do not see significant losses from the
Russian banks had $30 billion to $40 billion tied up in
cross-border loans to Cypriot firms at the end of 2012 and some
$12 billion on deposit with Cypriot banks, Moody's said earlier.