If you were a Russian billionaire keeping two or three billion in a Cyprus bank....you are a loser. You did everything to avoid taxation....to laundry money....and just fly in and avoid all the standard rules that apply to real members of the EU. So time has caught up with you. I don’t see an issue here.
The EU has known for a decade about the abusive habits of the Russian billionaires, and always hinted that it’d have consequences. Well....here we are.
Class envy, much?
I am astounded by your willingness to sieze someone else’s property.
No just Russian billionaires keep money in Cyprus. Many Russians still don’t trust the banks in Russia. There was massive inflation during the 90s. Monthly pension payments were not enough to buy one loaf of bread. When the currency was converted from Soviet money to Russian, there was a limit. A lot of people lost a lot of money.
Then in 1998, Russia defaulted on international loans. Many banks went bankrupt. Many people lost their savings.
In short, Russians who have money don’t trust the Russian banking system and prefer to put it where they believe it’s safe. Cyprus had a reputation for having a safe, stable banking system. Russians want to get as much money out of the country as possible because they are still uncertain of the future here.
Many Russians are also buying property in the West. I know a lot of intelligent, well educated Russians whose goal it is to move to the West, where they perceive life to be better and more stable.