Turkey May Block Natural Gas for Cyprus Bailout Negotiations

Turkey could challenge any move by Cyprus to speed up offshore natural gas exploration as a way of attracting desperately needed investment to save its teetering economy, senior Turkish officials said Thursday.

The European Union has given Cyrpus until Monday to raise the billions of euros it needs to clinch an international bailout or face the collapse of its financial system and likely exit from the euro currency zone.

Cyprus is in talks with Moscow over possible Russian investments. Cypriot Finance Minister Michael Sarris has identified the divided island’s offshore gas riches as one area in which Russia could invest.

“This resource belongs to two communities, and the future of this resource can’t be subject to the will of southern Cyprus alone. (We) may act against such initiatives if necessary,” one of the Turkish officials told Reuters.

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