This happened when the Cypriot authorities, desperate for cash to prop up failing banks, confiscated billions of dollars in deposits held in the Bank of Cyprus and Laiki Bank, also known as Cyprus Popular Bank, which had failed. Many of these seized deposits belonged to Russians who, as partial compensation, received Bank of Cyprus shares. But in September 2013, they secured seats on the Bank of Cyprus board, meaning that Russia, for the first time, had effective control of a major European bank. Mr. Ross became vice chairman of the bank in November 2014 and gave up this position after his confirmation as commerce secretary. But if the Bank of Cyprus goes down, Cyprus goes down, too.”

Source: New York Times March 06, 2017 16:06 UTC