The Russians are apparently afraid that Cypriot banks are in such bad shape, that bailing them out by taking them over is too risky. Instead, they are taking a wait and see attitude.
With the European Central Bank ready to cut off emergency funding of Cyprus banks on Monday unless the government can come up with a bailout plan, Cypriot officials are desperately trying to come up with a "Plan B" that the EU will accept.
If Cyprus is forced back to "Plan A" and the depositor haircuts, another vote in parliament will be necessary. This time, with the ECB ultimatum staring them in the face, they will be forced to choose between political suicide and an economic meltdown.
Unless some miracle occurs and Cyprus figures out a way to satisfy the EU without taking money from depositors, it is likely that the haircuts will pass sometime before Monday.
The EU and IMF are determined to see their plan to confiscate private savings realized in preparation for a roll out across the EU. Remember, the EU is already pushing a plan to tax global financial transactions to pay for their unsustainable socialism. This is just the next step. So, along with indirectly taxing savings through the inflationary erosion of value, politicians will be directly taxing savings in a double hit. This is similar to the double taxation of corporate earnings - first at the corporate level, then as capital gains. Since EU and IMF politicians aren't elected directly, no double taxation without representation should become Europe's battle cry!
Look out Spain and Italy: you're next!
Bob C