From the WSJ Europe's Emerging Europe blog:
Russia Seeks Cyprus Alternative at Home
Russia, involved in a global uproar around the Cyprus bail-out plan, should think of creating its own off-shore zones in the far-east region by the Pacific Ocean, Prime Minister Dmitry Medvedev said Thursday.
Russia has slammed the euro-zone plan to bail out embattled Cyprus, where Russian individuals and businesses account for around 30% of deposits in banks. Cyprus Finance Minister Michalos Sarris came to Moscow Wednesday to negotiate financial aid from Russia but talks with his Russian counterpart Anton Siluanov failed to bring a result.
On Thursday, Mr. Medvedev criticized a euro-zone plan to bailout Cyprus that would seize billions of dollars from deposits in Cypriot banks, calling the decision “absurd.” He also suggested that Russia should offer businesses, seeking lower taxes, its own off-shore zones in the region some 7000 kilometers (4350 miles) east of Moscow, which lacks infrastructure, population and any signs of financial and legal framework.
“Maybe we should consider creating a [special] zone in the far east. We have many fine places — Sakhalin, Kuril Islands. Maybe as well a part of our money, which is in Cyprus and other zones…which are not being mentioned for obvious reasons, like BVI (British Virgin Islands), Bahamas etc. will come to us,” Mr. Medvedev told a government meeting....MORE