Russia spurned Cyprus's offers of assets for a bailout as theisland nation's lawmakers begin debate on legislation to avert afinancial collapse.

“I think we aren't able to get the support that we wanted toget,” Cypriot Finance Minister Michael Sarris said in an interviewafter checking out of the Lotte Hotel in Moscow. “But we must goback home because things are getting serious.”

Cypriot lawmakers begin debating legislation today to prevent afinancial meltdown as the European Central Bank threatens to cutoff a lifeline for the country's banks in three days unless abailout agreement with the European Union is reached. Russiancompanies and individuals may have about $31 billion of deposits inCyprus, which in turn is the biggest source of foreign directinvestment in Russia.