Russians holding deposits in Cypriot banks have been bombarded with offers from other jurisdictions amid the island's controversial plans to bail out its banks.

      Leading banks from Switzerland, Andorra, Latvia and other European countries are seeking to capitalize on the Cypriot banking crisis by expanding their portfolio.

      Many private firms which have until now have benefited heavily from the flow of Russian capital and tourists are feeling the pinch.

      Russians account for a sizable share of deposits in Cypriot banks so a significant withdrawal of funds could spell trouble not just for credit institutions but for the services industry, too.