Starting March 2009 the Council of Ministers of the Republic of Cyprus made a decision that the Russian citizens, holders of the valid Schengen visa....

Starting March 2009 the Council of Ministers of the Republic of Cyprus made a decision that the Russian citizens, holders of the valid Schengen visa (category C, one, double or multiple entry) who have already visited Schengen area according to the requirements for issue Schengen visa which they hold, can enter Cyprus without national Cyprus visa and stay there for the period equal to the remainder of the duration of stay provided by Schengen visa and leave Cyprus before the date of Schengen visa expiry at the latest.
Please note that the Cyprus visa keeps its national status and doesn't give to its holder a right to use it for entering Schengen zone.

Source: Consulate General of The Republic of Cyprus in St.Petersburg