Cyprus And Russia Did Not Just Break Up

Russia is playing a long game. It declined to bail out Cyprus this time round because prospective Russian losses from a banking collapse were relatively modest, there wasn’t time to evaluate the oil and gas prospects that Russia would want as security, and the European Union could probably have frustrated any deal that Cyprus and Russia struck. But now Cyprus is descending into a long and deep recession. Russia can hope to pick up everything it wants, more cheaply and far more discreetly (1,331 words)

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