Russia says it will not help Russian account holders or small businessmen in Cyprus who stand to lose up to 60 per cent of their deposits over £85,000 Russian account holders will not receive any help for the Cyprus crisis EU bailout conditions include taking money from Cypriot deposits Igor Shuvalov said they may intervene if larger companies suffer losses The Russian government will not aid businesses that have lost money in Cyprus, First Deputy Prime Minister Igor Shuvalov said. Underlining Moscow's resolve to clamp down on the flight of capital to offshore financial centres. Major account holders, many of them Russian, will lose up to 60 percent of their deposits over £85,000 at Cyprus's largest bank under a European Union bailout to save the Mediterranean island from bankruptcy. No action: Russian officials said they will not help their citizens with money in Cyprus as the country sinks further into debt Hard line: Igor Shuvalov, Russia's First Deputy Prime Minister, said that he might possibly help larger companies but not small businesses or individuals If Russians lose money "it's a terrible shame, but the Russian government will not take any action in such a situation," Shuvalov said. But if a large company, in which the Russian state was a shareholder, sustained serious losses then this could be reviewed on a case-by-case basis, Shuvalov added. 'If there is some kind of concrete situation, we would be willing to examine it - publicly, transparently, here in Russia, but for this it would not be necessary to assist Cyprus,' he said. Cyprus is a staging post for large-scale capital flows in and out of Russia - including around a quarter of foreign direct investment flows and foreign lending, according to investment bank Morgan Stanley. Much of that money is taking advantage of favourable tax treatment, but some is seeking to evade the Russian tax authorities, Shuvalov said. Russians were believed to account for most of the almost £19billion of non-EU, non-bank money held in Cypriot banks in January, according to the island's central bank.