Russian Ties Put Cyprus Banking Crisis on East-West Fault Line

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Police are investigating a racism complaint after a video emerged showing Cypriot women and a child verbally assaulting a Russian woman following a fender-bender at a parking lot in Larnaca. Click here for an update to the story. A concerned citizen, described as a Russian woman living in Limassol, posted a video on Facebook following a heated altercation with three Cypriot women, mother and daughters, in the presence of two minors which took place on Saturday night.

In a video “3 Cyprus Lady” which was nearing , views on YouTube and over a thousand comments by Monday morning, two women presumed to be Greek Cypriots appear overly upset over the Russian woman who was filming them after she had stopped them from leaving the scene of an accident. Reports said moments earlier the women in an SUV backed into another parked vehicle, reportedly belonging to another man with a hearing impairment, before attempting to leave while the concerned citizen ran up to them and took photos with her mobile phone.

The women who got out of the car began verbally assaulting the eye witness as soon as they realized she was a bystander and not the owner of the damaged vehicle according to reports.

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But what began in Cyprus as just another episode in a now-familiar narrative of stingy, rich Northern Europeans versus put-upon, poor southerners has escalated into a bigger drama tinged with cold war-style language and strategic calculations involving not just money but also energy and even military power. Cyprus had been haggling with Europe for months over a bailout deal to rescue its bloated banks. Last week, the initial plan to seize money from even modest bank depositors sent swarms of panicked residents to automated teller machines to try to withdraw their money.

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A Russian woman is being detained in Cyprus on an international arrest warrant issued by Russian authorities, while no details have been released about her identity. According to Cyprus police, a year-old Russian female suspected of committing fraud in Russia between and , was arrested on a Cypriot warrant in Paphos on Sunday afternoon.

Police sources told Knews that the woman, whose name was not authorized to be made public, was arrested on a temporary warrant issued by Cypriot authorities until the international arrest warrant can be received officially. Media reports said the woman, described as a Paphos resident, is expected to face an extradition hearing where Russian authorities are pressing fraud charges against her back in her native country.

Russian woman detained in Paphos while Cyprus police wait for official Russian interantional arrest warrant.

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The EU and euro member was worried its close links between the two would be put to the test when Europe and the United States started talking about sanctions on Russia to protest its seizure of the Ukrainian territory of Crimea. Any deepening of the crisis could still hurt the economy. President Barack Obama appeared to toughen his stance on Wednesday and agreed with the EU at a summit in Brussels to work on possible harsher economic sanctions.

But the sanctions so far — on individuals and one bank — have not had an impact and some businesses have even reported that interest has picked up from Ukrainian and Russian customers since the crisis began. Some 40, Russians live in Cyprus out of a total population of , Many live in the port of Limassol, where shop and menu signs in Russian are common on the main seafront boulevard. There are three local Russian newspapers and children can attend a Russian school.

Christos Panagi, general manager of Limassol-based property developer Pandomus, said the bonds between Russia and Cyprus could grow deeper as a result of the crisis. Cypriot law allows those who buy a house worth , euros to claim permanent residency rights, while those who spend 5 million euros of more on property can apply for passports. Panagi said he had seen an increase in Russian and Ukrainian interest in property that would qualify them for residency or passports in the weeks since the crisis broke.

Cyprus has long straddled the line between the powerhouses of the east and west.

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