Russia restructured Greek Cypriot Administration’s debt. Federation Council of Russia approved to decrease the rate of interest of the credit from 4,5 % to 2,5 % and also approved to postpone payment of capital to 2018-2021 period.

According to the agreement signed between Russia and Greek Cypriot Administration on 23 December 2011, Greek Cypriot Administration would pay their 2.5 billion credit at once on 1 June 2016.

Russian President Vladimir Putin stated at the meeting held on 25 February with Greek Cypriot leader Nikos Anastasiades in Moscow that Greek Cypriot Administration’s demand for debt restructuring would be approved.