It is not "in effect" theft, it is theft.
By the Cypriot government, who failed to manage their banks and provide a depositor protection scheme big enough to bail out their banks.
Russia is now talking withdrawing its €2.5 billion(?) loan, support or whatever it is
No problem, don't bail out any Russian account holders. They have no rights anyway and Iceland demonstrated that its even legal to do that within the EU if the situation is serious enough.
The advantage would be that Cypriots would not need to take a hit on their accounts at all.