Why Russian Investors Stay in Cyprus Despite Restructuring Hit
Published on: Tuesday 10 December 2024
Cyprus’s recent bailout agreement came as a rude shock to Spectrum Partners. The Russian hedge fund firm, which manages a long-short Russian equities fund and an emerging-markets debt fund, has been successfully plying its trade from Limassol, Cyprus’s second-largest city, for more than a decade. As part of the debt deal, however, the Cypriot government imposed a stiff €8.3 billion ($10.7 billion) haircut on uninsured depositors, mainly Russians, and slapped on capital controls.
