The proposed bailout tax on bank accounts in Cyprus amounts to "legalised theft" according to Yury Pyanykh, president of the Association of Russian Businessmen in Cyprus.
Mr Pyanykh told Russia's state news agency RIA Novosti the measure will be successfully challenged in court:
“This is legalized theft. It contradicts fundamental international agreements. If they approve this measure, I can only imagine the number of lawsuits that will be filed and won.”
Cyprus' rescue deal has sent shivers through southern Europe after a key eurozone figure said it would be a model for future bailouts.
The future is uncertain for the people who must live with the consequences of Cyprus' "painful" bailout deal.
The Dutch Finance Minister has said the bank levy 'bail-in' on large depositors "pushes back the risks" from the rest of the eurozone.