“German politicians and many of their European colleagues suspect Cyprus to be a tax haven and a money-laundering site for Russian oligarchs. Of the 68 billion euros stored in Cypriot bank accounts, around 20 billion ($26 billion) belong to Russian account holders. A report compiled last year by the German secret service, the Bundesnachrichtendienst, claims to have found evidence that Cypriot banks or Russian bank branches based in Cyprus are used to launder illegal money.  Germany’s ruling coalition of conservatives and liberals is facing general elections in September, and politicians fear accusations they are sacrificing German tax money to bail out Russian billionaires.”

http://www.csmonitor.com/World/Europe/2013/0318/How-German-fears-of-underwriting-Russian-oligarchs-pushed-Cyprus-to-crisis

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