* First Deputy PM says Moscow won't act if Russians lose
* Might review losses of firms with state as shareholder
MOSCOW, April 1 The Russian government will not
aid businesses that have lost money in Cyprus, First Deputy
Prime Minister Igor Shuvalov said, underscoring Moscow's resolve
to clamp down on the flight of capital to offshore financial
Major account holders, many of them Russian, will lose up to
60 percent of their deposits over 100,000 euros ($128,400) at
Cyprus's largest bank under a European Union bailout to save the
Mediterranean island from bankrutpcy.
If Russians lose money "it's a terrible shame, but the
Russian government will not take any action in such a
situation," Shuvalov was quoted by the Interfax news agency as
saying in a television interview on Sunday night.
But if a large company, in which the Russian state was a
shareholder, sustained serious losses then this could be
reviewed on a case-by-case basis, Shuvalov added.
"If there is some kind of concrete situation, we would be
willing to examine it - publicly, transparently, here in Russia,
but for this it would not be necessary to assist Cyprus," he
Cyprus is a staging post for large-scale capital flows in
and out of Russia - including around a quarter of foreign direct
investment flows and foreign lending, according to investment
bank Morgan Stanley.
Much of that money is taking advantage of favourable tax
treatment, but some is seeking to evade the Russian tax
authorities, Shuvalov said.
Russians were believed to account for most of the 19 billion
euros of non-EU, non-bank money held in Cypriot banks in
January, according to the island's central bank. Of 38 billion
euros in deposits from banks, 13 billion euros came from outside