It looks like Russians have cleaned their accounts.
According to Reuters, Bank of Cyprus's depositors will get, for deposits over 100,000 euros:
37.5% bank equity (priced at ....?)
22.5% of deposit will earn no interest
40% of deposit will earn interest but won't be repaid sans some miracle that the bank does well.
Latest from Reuters (3/29/2013):
Big depositors in Cyprus to lose far more than feared
Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.
Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.
The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.
Officials had previously spoken of a loss to big depositors of 30 to 40 percent.
Cypriot President Nicos Anastasiades on Friday defended the 10-billion euro ($13 billion) bailout deal agreed with the EU five days ago, saying it had contained the risk of national bankruptcy.
"We have no intention of leaving the euro," the conservative leader told a conference of civil servants in the capital, Nicosia.
"In no way will we experiment with the future of our country," he said.
(Well Mr. Anastasiades, you just did.)
...At Bank of Cyprus, about 22.5 percent of deposits over 100,000 euros will attract no interest, the source said. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well.
Those with deposits under 100,000 euros will continue to be protected under the state's deposit guarantee.
(For now, you mean.)
...But policymakers are divided, and the waters were muddied a day after the deal was inked when the Dutch chair of the euro zone's finance ministers, Jeroen Dijsselbloem, said it could serve as a model for future crises.
Faced with a market backlash, Dijsselbloem rowed back. But on Friday, European Central Bank Governing Council member Klaas Knot, a fellow Dutchman, said there was "little wrong" with his assessment.
"The content of his remarks comes down to an approach which has been on the table for a longer time in Europe," Knot was quoted as saying by Dutch daily Het Financieele Dagblad. "This approach will be part of the European liquidation policy."
(Full article at the link)
So he did say that and now it's confirmed as experiment and template. I have a feeling that more people are now hoping for liquidation of EU.
So it probably isn't "soh-teh-gai" after all. It was, and has been, well within the expectation that Russians would clean their accounts in time, and that "haircuts" (or decapitation) will be administered to the rest of them small people so that they can serve as a model of European liquidation.