Russia has not decided on the extension of terms for its Eur2.5 billion loan to Cyprus. This was confirmed by the Russian deputy finance minister, Sergei Storchak.
In an interview with reporters, Storchak said "There was a request... to change the duration of the loan, we promised to think about it." The remarks were made through an interpreter on the sidelines of the annual meeting of the European Bank for Reconstruction and Development.
He added, "This was a kind of promise - if somebody wants to see it as a done deal, there is nothing I can do about it. For that to be a done deal, we need to have it on paper."
Storchak also said that any changes to be made on the loan terms would require Russian parliamentary ratification.
This was a different tone given by the Cypriot Foreign Minister, who said that Russia had agreed to extend the loan terms as part of its bailout contribution to the financially stricken country in the Mediterranean.
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