Hello and welcome to Business Daily. I'm Ivana Davidovich. Coming up, is Russia's relationship with Cyprus

too close for comfort? Five years ago, Cyprus was in crisis. Weighed down by Greek debt,

the country's bloated banking sector was on the brink of collapse. An international bailout

worth over $10 billion saved the economy from meltdown,

but at a huge cost to savers, shareholders and ordinary citizens. They murdered a nation.

They took a bomb, they opened the door of a room, they threw it in, shut the door and stood

outside to watch what's happening. The crisis also cemented the Mediterranean countries' ties to wealthy Russians.

Many of them received a slice of Cypriot banks for cash seized from their accounts to help fund the rescue plan.

A controversial investment for passport scheme has also attracted Russian money, as well as new EU scrutiny.

While many banks have ditched their Russian clients and authorities have implemented a new system of stringent checks,

has Cyprus really cleaned up its act.

The anti-money laundering procedures in Cyprus now

are probably strictest amongst all EU member states.

That's all in Business Daily from the BBC.

At an event at the Russian Cultural Centre in the capital, Nicosia, old Soviet songs are

spilling out from the stage, singers entertaining an audience which includes the Russian ambassador,

as well as a Russian senator, who is promoting his wife's book. But not everyone wants to publicize

their presence here. I'm the representative of the Russian Cultural Center. You haven't told me your name,

actually. If you want my name, I will not be the economy.

Okay, fair enough.

This Radasai Cultural Centre official says that this place is not about politics.

Culture is what brings people together, and Russia has much to offer in this sphere,

...