The Russian energy company Gazprom is offering to bailout Cyprus in exchange for gas exploration rights, according to media reports.

"Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’’ exclusive economic zone, local media reported," reports

"Gazprom is," the site notes, "the largest extractor of natural gas in the world and the largest Russian company."

Cyprus does not appear to be interested in the offer, however:

The proposal states that Gazprom will fund the restructuring of the country’s crippled financial institutions in exchange for substantial control over the country’s gas resources while Cyprus won’t need to take the harsh bailout package offered by the EU.

EU offered a 10 billion euros rescue package to Cyprus with the condition of raising 5.8 billion euros ($7.5 billion) by taking a piece of every bank account in Cyprus. The originally proposed levies on deposits are 9.9 percent for acounts exceeding 100,000 euros and 6.7 percent on anything below that.

Cypriot President Nicos Anstasiades is not willing to discuss the Russian’s offer according toNewsit who cited an anonymous source close to the President.

“The president is not going to discuss this plan because he wants a solution that will come from the EU,” said the anonymous source.

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