Cyprus was, it is true, a
financial fund fortress which hosted some oligarchs and especially
Russian secret funds. But this is not the essential thing. Cyprus is the
hub of many commercial capital which are entirely lawful and clear from
Russia. Russia uses Cyprus commercial capital movements that can be
estimated 300 to 400 billion per year.
It is obvious that the
Russians need a place like that. It is a matter of sovereignty and
national independence. The knock that was led to the financial Cypriot
system during the weekend, restructuring the Cypriot banks under
European control, goes against the interest and Russian sovereignty. The
levy may be 30% on deposits of more than 100,000 euros but this is
almost trivial compared to other problems that this inflicts to the
Russians.
There is a shift in
Russia's position with the hit of the ECB (European Central Bank). The
ECB has in fact declared a currency war in Cyprus and then to Russia.
This is the true meaning that can be given to the expression "Currency
Wars." The real "currency wars", the first episode, which has a
geopolitical connotation, was declared by the ECB. Note that this
blockade was not imposed by the European political authorities, but by
the ECB, which is incredible. The Russian change of tone shows that one
enters into matter of State interests rather than particular problems.
The Russians are not stupid, they know how to take a declaration of war
for what it is. A slap is not a caress.
So now we get into what I
do not hesitate to call "currency war". Personal reflections of
Medvedev and Putin are replacing diplomatic language. Provided, if you
follow well, that diplomacy is "the continuation of war by other means".
The Russians are fantastic chess players,
that is why they are calm, they think and meditate before moving pawns.
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