 Following the country's deep recession, on 25 March 2013 the Eurogroup agreed with the government of Cyprus that the Bank of Cyprus would take over the remnants of Laiki Bank.To finance the deal and save Bank of Cyprus from bankruptcy, it was also decided that accounts over €100,000 would suffer a haircut on their assets of about 50%, which mostly wiped out Rybolovlev's stake and ended his involvement in the Bank with a $600 million loss.In 2012, he acquired Cypriot citizenship upon becoming an investor in Bank of Cyprus.