Cyprus, the divided island, whose Greek Cypriot government is recognized by the EU, has become a fully paid up member (if you’ll forgive the irony) of the southern mediterranean debtor’s club, with financial insolvency looming.   Just under a week ago, an article in the New York Times examined why the island is looking to the Kremlin for a bail out as opposed to Europe.  The article referred to the ties between the island’s President, Demetris Christofias, the self-dubbed ‘red sheep’ of Europe, and Vladimir Putin.  It also identifies the potential benefits for Cyprus, namely that it would entail less conditions than a loan from the European troika and that it would ensure that the island’s famously low corporate tax rate remains as such.  Today, Peter Martino looks at what Russia stands to gain.  Beyond Cyrpus’ enviable gas fields, there is also considerable amount of strategic geopolitical value, he argues: