Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’ exclusive economic zone, Cypriot TV Station Sigma reported.
According to the report, representatives of the Russian company submitted the proposal to the office of Cypriot President Nicos Anastasiades on Sunday evening.
The proposal states that Gazprom will fund the restructuring of the country’s crippled financial institutions in exchange for substantial control over the country’s gas resources while Cyprus won’t need to take the harsh bailout package offered by the EU.
Gazprom is a publicly traded company, however, the controlling stake is in the hands of the Russian government. Speculation continues that Russian businessmen and government officials, perhaps even Russian President Vladimir Putin, hold funds in Cyprus banks.