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SITUATION REPORT

Mar 31, 2013 | 11:52 GMT

Cyprus: All Banks' Foreign Branches To Be Sold, Finance Minister Says

All of Cypriot banks' foreign branches eventually will be sold, Cypriot Finance Minister Michalis Sarris said March 30, Voice of Russia reported March 31. Sarris added that despite Russia's unhappiness with recent developments in Cyprus, the two countries maintain good relations. Russia has long used Cyprus as its primary offshore financial hub, and many Russian government and business elite will suffer financially from Cyprus' economic crisis.

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