Cyprus is locked in "hard negotiations" with a troika of lenders to save the Eurozone member’s banking system.
A government spokesman said political leaders will be called on to take big decisions in a few hours time and warned there will also be painful aspects in any decision taken.
The authorities have until Monday to secure a bailout before the ECB pulls the plug on emergency lending.
The Russian Government said it had not closed the door on offering additional assistance to Cyprus.
But the Prime Minister Dmitry Medvedev said Moscow wanted to see an agreement between Nicosia and Brussels reached first.
EU sources say the bloc is ready to eject Cyprus from the Eurozone to prevent contagion of other debt-hit members such as Greece, Spain and Italy.
