If you want to know why the EU is nervous about Cyprus negotiating with Russia for a bailout, look no further than this Ekathimerini report on the status of negotiations between the two countries.
It is likely the Russians will ask for some form of compensation for such an investment. A naval port in Cyprus for the Russian fleet and access to the country’s natural gas reserves are among the rewards Moscow might seek.
Future gas reserves are one thing. A naval port? Now that gets interesting.
And here's a reminder of where Cyprus is:
Cyprus on a map of Europe