Cyprus jumped the gun when announcing new terms for the loan it took earlier from Russia, said Deputy Finance Minister Sergey Storchak.

      It’s too early to speak of loan extension or lower interest rates, Vedomosti daily quotes the official as saying.

      Earlier, the Cypriot Foreign Ministry said that Russia agreed to ease the loan terms.

      According to Storchak, who spoke to the daily on the sidelines of the EBRD annual meeting in Istanbul, it is only a proposal that the Russian side has not yet even started elaborating.