NICOSIA, March 28 - RAPSI, Alexei Bogdanovsky. Some Russian bank account holders intend to sue Cypriot authorities over the bailout decision which will strip people of a substantial part of their savings, Andreas Sofokleous, the founder and managing partner of the Andreas Sofokleous & Co. law firm, told RIA Novosti.

"Our defense attorneys are drafting complaints to courts to protect our clients' interests," Mr. Sofokleous said, adding that he is not sure how likely they are to win. "There is a chance, but the Cypriot judicial system is very slow. We will see the outcome in 5-6 years time," he said.

He said that they had not yet received any complaints from the shareholders of Cypriot banks.

The lawyer expressed hope that Russian companies will remain in Cyprus and will even keep their accounts with "healthy" banks. He hopes that Russia will not sever relations with Cyprus.

"A possible denunciation of the dual taxation agreement would be a heavy blow for the Cypriot economy, as Cypriot companies are major investors in the Russian economy," he said. He added that Russia should understand that the Cypriot government was forced to take these recent steps.

Overall, the consequences of the EU's decision will be extremely negative for Cyprus, Mr. Sofokleous said. "We have started on a path to nowhere. This is an economic trap," he said.

The EU has signed a $13 billion bailout deal with Cyprus under which investors may lose up to 40% of their money and Laiki, the country's second-largest bank, will be restructured, with its guaranteed deposits transferred to the Bank of Cyprus.