MOSCOW - Cypriot Finance Minister Michael Sarris said that Cyprus and Russia did not reach a decision on a loan from Moscow during talks on Wednesday.

"We had a very honest discussion, we've underscored how difficult the situation is," Sarris told reporters as he was leaving after talks with Russian Finance Minister Anton Siluanov. "We'll now continue our discussion to find the solution by which we hope we will be getting some support."

"There were no offers, nothing concrete... We're happy with a good beginning," he said.

Cyprus has asked Russia for a five-year extension of an existing loan of 2.5 billion euros ($3.22 billion) that matures in 2016, as well as a reduction in the 4.5 percent rate of interest. When asked about the loan extension, Sarris said that talks were ongoing about "things beyond that".

Reuters