The geopolitical games being played in Cyprus right now. Russia vs the EU and the West

Background 

Over half the deposits in Cypriot banks come from non-resident Russians. 
The 6.75% tax on deposits below 100k euro's and the 10% tax on deposits above 100k euro's is expected to raise 10bn euro's. 

The Russians are going to lose over 5bn in this deal.

The Russians have offered to bail out Cyprus on different terms. 

The proposition 

The Russians will bail out Cyprus to the tune of about 10bn Euro's. 
It will actually cost Russia less than 5bn - see above. 
In return the Russians will ask for a large naval base in Cyprus - they have a problem with their lack of presence in the Mediterranean. 
Particularly with Syria kicking off. 
Presumably the Russians will also ask for the Brits to be kicked out of their major military bases on Cyprus. This last one is presumably negotiable and could be compromised in the final terms. 

Whatever happens there is very interesting geo political stuff going on in Cyprus right now. 

The mainstream reported info is just the tip of the iceberg.