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

Petros Giannakouris/Associated PressAt a rally outside Parliament on Friday to protest the bailout terms, a Russian woman who lives in Cyprus held a sign written in Russian, English and Greek.

By ANDREW HIGGINSPublished: March 23, 2013 LIMASSOL, Cyprus — Andreas Marangos, a Porsche-driving lawyer here, had just woken up when he heard the news that threatened to destroy his and Cyprus’s most lucrative business: setting up shell companies and providing financial services for wealthy Russians.

RelatedCyprus Makes Plan to Seize Portion of High-Level Deposits(March 24, 2013)

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