Should Cyprus impose a levy of 20% on more on bank deposits, Russia could hit EU businesses...

|By:, SA News Editor

Should Cyprus impose a levy of 20% on more on bank deposits, Russia could hit EU businesses could be hit with reprisals, as Russian citizens hold an estimated €30B on the island. "There are a number of large German companies operating in Russia," says former Kremlin adviser Alexander Nekrassov. "You could possibly look at freezing assets or taxing assets." However, Nekrassov doesn't think Russia will cut off gas supplies, as it did with Ukraine in 2009.