Also if there will be political pressure, then Cyprus will bend as well. There are not many countries in that region that are immune to Russian political pressure.
There are
LOTS of Russian businessmen/investors who use Cyprus to hide themselves from Russian government. Every Cypriot can prove that.
I know that Cyprus is the main place for money laundering for Russian oligarchs, but they aren't doing it to hide from the government, or at least from those who are in charge. A lot of russians who launder their money through Cyprus, are actually the same people who have power in the government. They only have to hide their income from the public view and keep the appearance that there is no corruption.
Not only money laundering. Honest and legal businessmen also use Cyprus to hide themselves from Russian govt (and successfully) and protect themselves from raider attacks which often happen in Russia.