Russia 's OAO Gazprombank (GZPR.RS) is not in talks about providing financial aid to Cyprus , a spokesman for the bank said Wednesday.

"Gazprombank is not in negotiations on participation in the stabilization of Cyprus 's financial system," spokesman Andrei Serov said, in comments emailed to Dow Jones Newswires.

Russian media cited unnamed sources as saying Gazprombank has offered to provide a multibillion-dollar loan to Cyprus in return for offshore natural gas exploration licenses. Gazprombank is part owned by state natural gas giant OAO Gazprom (GAZP.RS)

Cypriot Finance Minister Michalis Sarris is in Moscow Wednesday for talks on financial support from Russia , a longtime friend of the country and the largest source of foreign deposits in its banks.

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