Cyprus will ask Russia for a loan of between €3.0 billion and €5.0 billion before the weekend and then request aid from its eurozone partners for its ailing banks, an EU diplomat said today.

"First we try to get a bilateral loan from Russia," said the diplomat, speaking on condition of anonymity.

He said Nicosia would probably request eurozone aid next week for its banks along the lines of an offer made to Spain.

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