Cyprus: A Russian dimension to the Eurozone crisis
With the end of summer, Europe’s political leaders are intensifying their efforts to address the Eurozone’s economic and monetary crisis. For a variety of reasons, including a favourable tax treaty with Russia, Cyprus has become the preferred jurisdiction for many Russian companies and financial institutions to establish holding company structures, joint venture vehicles, and offshore corporate entities. Given Russia’s strong business connection to Cyprus, for many companies and financial institutions operating in Russia, the impact of the Eurozone crisis on Cyprus is of particular interest.
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