Russia won't bail out people or companies that stand to lose money held at Cyprus's two largest banks, First Deputy Prime Minister Igor Shuvalov said.

"If someone gets stuck and loses money in those two biggest banks, that's really too bad," Shuvalov said in an interview broadcast late yesterday on Russian state television. "But the Russian government isn't planning to do anything in this case."

Russia turned away requests from Cyprus for additional financial assistance last month after criticizing plans that would have forced losses on insured deposits. President Vladimir Putin ordered the government to resume talks with the cash- strapped Mediterranean island on restructuring its 2.5 billion euro ($3.2 billion) loan granted in 2011 after an agreement reached last month over a new European-led rescue.

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