Cypriot Finance Minister Michael Sarris has said discussions with Russian counterpart Anton Siluanov were productive but that no decision has been reached.

Sarris said that talks on Wednesday had been "very honest" and promised that "we'll now continue our discussion to find the solution by which we hope we will be getting some support".

Cyprus has turned to Russia for more aid after its Parliament rejected on Tuesday a proposed levy on bank deposits after the ruling party abstained from the vote and 36 other lawmakers voted unanimously to reject the bill, placing the €10bn European bailout in jeopardy and the country at risk of default.

The bank levy was meant to enable Cyprus to obtain €5.75bn and was a condition of receiving European support. Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem said the bloc "deeply regretted" the vote, but that the issue was not over yet.

"It's disappointing, but at the same time it's clear that the offer from the Eurozone and the Eurogroup to Cyprus still stand," he said.

Now Cyprus hopes to once again receive aid from Russia. The country has already requested that Moscow grant it a five year extension on a previous €2.5bn loan currently set to mature in 2016. They are also discussing an interest rate reduction.

Little progress seems to have been made with Sarris himself admitting that "there were no offers, nothing concrete". However, Sarris sought to downplay worries.

"We're happy with a good beginning," he said.

JM

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