Cyprus’s ruling party said on Friday that a solution to the bailout crisis within the EU rules may be possible within "the next few hours."

Cyprus's ruling party said on Friday that a solution to the bailout crisis within the EU rules may be possible within "the next few hours." The parliament is due to adopt new emergency legislation to secure the EU bailout after Russia said it would not offer any help.

Nicosia introduced emergency legislation in the parliament late on Thursday to secure a bailout deal with international creditors as the island state faces an ultimatum from the Europian Central Bank to agree on the bailout by next week.

The parliament was to debate on the emergency legislation on Friday, as MPs said they needed time to consider the new legislation.

Within the new plan Cyprus government considers creating an "investment solidarity fund" to accumulate €5.8 billion required to secure the EU bailout. 

Cyprus hoped to get help from Russia. However, the two-day negotiations between Cyprus's finance minister and his Russian counterpart failed to provide anything tangible. Michalis Sarris left Moscow empty-handed on Friday after Russia said it would not help out Cyprus before it agrees a bailout deal with the EU.

Russia has not withdrawn from efforts to settle Cyprus' problems, said Prime Minister Dmitry Medvedev on Friday.

According to Medvedev Russia has "clearly understandable economic interests in Cyprus." "But we will be ready to discuss various ways of supporting Cyprus - the more so since we did provide support, a loan - after a final scheme is negotiated by the European Union and Cyprus."

It's been reported Cypriot Finance Minister Michael Sarris has been asking for a $5 billion loan, but had no luck there.

However Russia did offer a helping hand earlier this week when Russia’s energy major Gazprom allegedly made a private bailout offer to Cyprus according to the New York Times on Wednesday. The island was offered the money needed to keep it afloat by selling Gazprom exploration rights to offshore gas deposits in the Mediterranean. Gazprom however refused to comment on the news or even confirm it made such an offer. Michael Sarris has denied there was such an offer, but he did identify the divided island's offshore gas riches as one area in which Russia could invest.

It didn't take long for Cyprus's neighbor Turkey to react to the news. On Thursday Ankara said it would challenge any move by Cyprus regarding offshore gas exploration.

Earlier on Thursday the ECB gave Cyprus till next Monday to accumulate the money to secure an international bailout. Otherwise the bank said it will pull out of the negotiations and step aside. Hence Cyprus will face a collapse of its weary financial system and could even be forced out of the euro currency zone.