Cyprus Finance Minister Michalis Sarris is expected to have talks with his Russian counterpart Anton Siluanov Monday, a person familiar with the matter said Wednesday.

Indebted Cyprus has long been trying to get Russia to agree to a five-year extension on its repayment of a 2.5 billion euro ($3.26 billion) loan from 2011. However Russia has so far refused to give any guarantees on the extension, as well as on an EUR5 billion loan Cyprus had asked for earlier.

Cyprus expects Russia to provide help because many investors and depositors in Cyprus banks are Russian.

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