Russian corporations are in panic mode over the financial situation in Cyprus.

      Last year, a total of $120 billion in investment transactions went via the EU's tax haven.

      According to analysts, among the most hit will be the Russian banking sector, and VTB in particular. The country's second biggest lender could lose hundreds of millions of euros.

      The tension has cooled down a bit after the nation's parliament rejected the terms of the bailout deal with the EU, sending a signal of relief to Russian investors and account holders.