Cyprus's finance minister, Michael Sarris, has told CNBC that Russia has been very supportive about the terms of the 2.5 billion euro ($3.2 billion) loan that Cyprus has already received from Russia and that talks were now "looking beyond that," adding to speculation that Russia could come to Cyprus's financial aid.
"We had a very good first meeting, very constructive and very honest discussion. We underscored how difficult the situation is and we will now continue our discussions to find a solution by which we hope we will be getting some support from Russia," Sarris told CNBC in Moscow.
Asked whether this meant an extension to the existing loan, Sarris said: "No, we are looking at things beyond that."
"We don't have any details but we'll continue discussions. We will be here until we get some agreement," Sarris added.
Sarris would not offer any further details as to whether this would include Russian purchases of banking assets in Cyprus, where an estimated 20 percent of all deposits are held by Russian businesses or individuals.
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Cyprus has already rebuffed Europe's bailout terms. On Tuesday evening its parliament voted overwhelmingly against a European proposal to levy a taxon Cypriot deposits.
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Sarris arrived in Moscow for talks with Russian officials on Tuesday evening.